McPeek’s Chrysler Dodge Jeep of Anaheim recently acquired an outdoor site with five storage buildings in Orange for $8.6 million, according to DAUM Commercial Real Estate Services.
DAUM reps said McPeek will be using the property at 760 Batavia St. for service facilities and fleet storage. The auto dealership’s sales showroom is less than 2 miles north of the site.
“The industrial outdoor market in Orange County is driven by extremely short supply, particularly for well-located sites within five miles of most of the county’s population,” said Mike Barreiro at DAUM.
DAUM did not identify the seller. McPeek was represented by Bob Wright Industrial Property.
Flying J ground lease sets new records
The Irvine-based investment firm Greens Group is celebrating the recent sale of a single-tenant property in Jurupa Valley that scored several records.
The Pilot Flying J Travel Center in Jurupa Valley recently sold for $14 million, setting records for its sales price and price per square feet for a Pilot ground lease, according to RealSource Group in Newport Beach.
The buyer was another Irvine investor, which the brokerage declined to identify.
“This sale represents a notable milestone, setting nationwide benchmarks for a Pilot ground lease,” Austin Blodgett at RealSource. “The acquisition also marked the buyer’s first net-lease purchase. The buyer was particularly drawn to the property’s underlying real estate value and the unique security offered by the Pilot brand, now wholly owned by Berkshire Hathaway under the leadership of Warren Buffett, further bolstering the buyer’s confidence in the investment.”
Pilot Flying J’s absolute triple-net ground lease relieves the buyer of landlord responsibilities, Blodgett noted.
“Corporate-backed absolute ground leases are popular among investors, seeking simplicity in their holdings. Pilot Flying J has more than 14 years remaining on the initial lease term with four five-year options and 10% rental increases every five years,” he said.
The travel center includes including 12 fueling lanes, a drive-thru Wendy’s, Cinnabon, PJ Fresh Marketplace convenience store, a Western Union, 107 truck parking spots, 48 reserved parking spots, two ATMs, CAT-certified scales and nine on-site showers.
Shopoff sells 2 office condos in Newport Beach
Irvine-based Shopoff Realty Investments recently sold two office condos in its Waypoint Newport project at 4440 Von Karman Ave in Koll Center Newport.
No terms were provided by Shopoff.
The firm said the project was one of the first office condo conversion projects in the area.
The sale included Suite 270 (1,579 square feet) and Suite 340 (1,127.
“It is no secret that the office market has suffered in recent years as work from home policies dominate the employment market,” Shopoff President and CEO William Shopoff said in a statment. “… As business owners are seeing the advantages of office ownership, not dissimilar to those of home ownership, office condos like Waypoint Newport are increasingly in demand.”
CapRock buys in Arizona submarket
Newport Beach-based CapRock Partners recently acquired Chandler Airport Business Park, a new 318,683-square-foot Class A industrial property in Chandler, Arizona.
No terms were provided by CapRock.
The property includes four freestanding warehouses ranging in size from 56,756 square feet to 103,639 square feet.
The 20-acre property is adjacent to the south side of Chandler Municipal Airport.
On the move
Nick DiPaolo has been promoted to executive vice president, regional managing director, and Southwest market leader at Newmark. He will oversee operations and performance at 11 Newmark offices across Southern California, Arizona and Nevada. DiPaolo has 17 years in the industry and previously was market leader for the Los Angeles region.
The architecture firm AO in Orange has made several new hires. They include Minami Baum, design; Aaron Childs, architect; Ether Dai, design; Genaro Diaz, landscape design; Rio Garcia, mixed-use; Brenda Gutierrez, architect; Justin Hebenstreit, architect; Romeo Mangalus, design; Steve Osdale, schematics; Scott Rutledge, architect/LEED; Chandni Thacker, associate architect; and Tu Tran, design.
Peter Chambers is the new executive vice president and chief information officer at Montage International in Irvine. He will oversee the tech strategy for all of Montage International’s corporate office operations and its resort portfolio, which includes the Montage Hotels & Resorts and Pendry Hotels & Resorts. Previously, Chambers served as global president of Deployed Technologies.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to 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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