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Real estate news: La Paz Village sells for $23.5 million in Laguna Hills

La Paz Village in Laguna Hills has sold for $23.5 million, according to Institutional Property Advisors, a division of Marcus & Millichap.

The center at the intersection of the 5 freeway and La Paz Road has a variety of small tenants including a dental office, yoga studio, salon, optometry office and an Italian restaurant.

Cape Point Development in San Clemente bought the 54,566-square-foot shopping center built in 1974. The center got a facelift in 2012, according to IPA.

Bill Rose, IPA senior director, and Marcus & Millichap’s Steven Siegel, Glen Kunofsky and Anthony D’Ambrosia represented the unidentified sellers.

Red Mountain Group in Santa Ana has bought Country Fair Shopping Center, a 168,264-square-foot shopping center in Chino for $42.25 million. (Courtesy of Newmark)
Red Mountain Group in Santa Ana has bought Country Fair Shopping Center, a 168,264-square-foot shopping center in Chino for $42.25 million. (Courtesy of Newmark)

Santa Ana investors buy Chino retail center for $42 million

Red Mountain Group in Santa Ana has bought Country Fair Shopping Center, a 168,264-square-foot shopping center in Chino for $42.25 million, according to Newmark.

Newmark said the property was sold by an unidentified real estate investment trust based in New York.

Newmark vice chairman Pete Bethea and senior managing directors Rob Ippolito and Glenn Rudy represented the seller in the transaction.

“Red Mountain Group continues to be aggressive in its pursuit to acquire quality retail in Southern California and beyond,” Rudy said in a statement.

Anchors at the center include Albertsons and PetSmart. Other tenants are Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin Williams.

The Bascom Group in Irvine has acquired two apartment communities in the Central Valley for a combined $44.5 million. Seen here is Casa de Luna. (Courtesy of Bascom Group)
The Bascom Group in Irvine has acquired two apartment communities in the Central Valley for a combined $44.5 million. Seen here is Casa de Luna. (Courtesy of Bascom Group)

Bascom spends $44.5M for more apartments in Central Valley

The Bascom Group in Irvine has acquired two apartment communities in the Central Valley for a combined $44.5 million.

Casa de Luna Apartments and Casa del Sol Apartments in Fresno are the 25th multifamily acquisition for Bascom in the Central Valley and 130th in California, according to the firm.

Bascom bought the 236-unit portfolio in an off-market transaction.

Casa de Luna and Casa del Sol were built in 1967 and 2006, respectively, and their interiors are in original condition or have only received minor upgrades, the firm said.

Amenities include pools and fitness centers. Apartments, Bascom said, are mostly two- and three-bedroom floor plans.

“We have seen high demand for renovated apartment units in the Fresno market over the last few years,” said Lee Nguyen, a senior principal at Bascom.

He said both complexes will undergo renovations to unit interiors, exteriors and their amenities.

“Our focused renovation plan will present renters with a variety of unit interior finish levels and price points,” he said.

Before this deal closed, Bascom said it had bought 128 multifamily properties and 20,537 units in California.

Newport Beach-based RanchHarbor and Manhattan West, a real estate investment and management firm based in Los Angeles, in a joint venture have bought a 5-acre industrial warehouse complex in San Dimas. (Courtesy of Lee & Associates)
Newport Beach-based RanchHarbor and Manhattan West, a real estate investment and management firm based in Los Angeles, in a joint venture have bought a 5-acre industrial warehouse complex in San Dimas. (Courtesy of Friedman Studios)

RanchHarbor, JV partner buy industrial complex in San Dimas

Newport Beach-based RanchHarbor and Manhattan West, a real estate investment and management firm based in Los Angeles, in a joint venture have bought a 5-acre industrial warehouse complex in San Dimas.

Financial terms of the deal were not disclosed.

The property includes four buildings in a combined 91,000 square feet with 44 suites.

The venture bought the property in an off-market transaction from an unidentified seller.

The San Dimas transaction was brokered by Lee & Associates.

Ann Caruana is the newly appointed president and chief investment officer of Preservation Equity Fund Advisors, an affiliate of Irvine-based WNC. (Courtesy of WNC)
Ann Caruana is the newly appointed president and chief investment officer of Preservation Equity Fund Advisors, an affiliate of Irvine-based WNC. (Courtesy of WNC)

WNC creates new venture, taps CIO to run it

Irvine-based WNC, an affordable housing investment and development firm, has created a new affiliate, Preservation Equity Fund Advisors, or PEF Advisors, and appointed Ann Caruana as its president and chief investment officer.

PEF Advisors is a registered investment company that will acquire and preserve existing affordable housing in high-cost markets, according to a statement.

Caruana comes to the post with 19 years of experience in the multifamily investment sector, including underwriting and acquiring affordable rental housing investments.

She has spent three years as a senior vice president of WNC’s preservation equity funds where she oversaw the acquisition and asset management teams.

WNC is an investor in real estate and community development initiatives.

Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.


Source: Orange County Register

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