A 10-story office building in Newport Beach has been sold for $64 million in an off-market transaction, according to Newmark.
The buyers were Ocean West Capital Partners and Rockwood Capital. The unidentified seller was represented by Newmark.
The complex at 1301 Dove St. was built in 1980 and got an $11.5 million rehab in 2018. Upgrades included a lobby upgrade, a tenant lounge/conference center, common area renovations, elevator cab upgrades, new electric-vehicle charging stations and more, according to Newmark.
Office campus sells for $50M
The Campus at South County, a two-building office campus on Towne Centre Drive in Foothill Ranch, has sold for $50 million.
The property was traded in an off-market transaction, according to Newmark, which arranged the sale of the 210,083-square-foot complex.
Executive managing directors Paul Jones, Brunson Howard, and Ken White, co-head of U.S. Capital Markets Kevin Shannon and director Brandon White represented the seller, an unidentified investment firm. The buyer was only described as “an undisclosed high-net-worth individual.”
Tenants at the property include Cox Communications, Ossur and Fujitsu.
Projects complete at Cypress college
Sundt Construction has wrapped up renovations to Cypress College’s Veteran Resource Center and reconstructed a science, engineering and math building both on the north side of the campus.
The expansion of the VRC and the renovation of the existing student activities center added 12,000 square feet to the existing building, Sundt said.
The $80 million SEM building replaced an outdated structure with a modern complex that has 21 lecture and 23 laboratory classrooms, offices and support spaces and a domed immersive digital classroom and crematorium for the mortuary science program.
The two projects were funded by the North Orange County Community College District’s Measure J, which was passed by voters in November 2014.
OTL adding fountain to octopus feature
Anaheim-based Outside the Lines, a design-build construction company, is building a show fountain at Branson Boardwalk, an entertainment complex under development in Branson, Missouri.
Owners of the 13-acre complex are spending $55 million to build out the theme park, which includes an aquarium and a small lake where OTL will build the fountain. The boardwalk’s centerpiece is a 34-ton stainless steel octopus sculpture fabricated by Demiurge.
The show fountain should be ready by spring 2022, OTL said.
Simi Valley hub sells for $128M
Irvine-based Greenlaw Partners has sold a 290,220-square-foot industrial distribution center in Simi Valley for $128 million.
The facility at 400 National Way is leased to Amazon, serving as a last-mile distribution facility for the e-commerce giant. It previously was an office call center facility, according to Bret Hardy, a managing partner at Newmark Knight Frank.
“400 National represents an extraordinary example of a partnership between developer and user, in creating a highly-functional and truly last-mile delivery station in the burgeoning North Los Angeles submarket,” Hardy said.
Hardy, Jim Linn, Andrew Briner and Ken White and co-head of U.S. capital markets Kevin Shannon at Newmark represented Greenlaw Partners.
The buyer was an unidentified “family office investment company,” according to the brokerage.
Wreaths for fallen veterans
For the sixth year, Newport Beach-based KBS this support Wreaths Across America.
The nonprofit honors fallen U.S. soldiers by laying wreaths at gravesites at Arlington Cemetery and more than 2,500 cemeteries in the U.S. and abroad.
KBS, along with partner Transwestern Real Estate Services, is collecting donations for wreath sponsorships at 19 KBS properties where Transwestern provides property management services.
The fundraising campaign runs through Nov. 30. A $15 donation sponsors one wreath with 100% of proceeds going to Wreaths Across America. The companies will match contributions for up to 2,000 wreaths.
To donate online, go to wreathsacrossamerica.org/va0310.
Good works
Orange County Rescue Mission recently marked a new roofing installation at House of Hope, a transitional home for women with children.
The new roof was provided and installed by Antis Roofing and Waterproofing and their partners.
Antis and partners HomeAid Orange County, Best Contracting Services, Shell Roofing Solutions Group, GAF, Beacon, and Klondike Construction Services were part of the project, donating labor, supplies and materials to replace the worn-down roof.
SPIRE winners
The Orange County chapter of Commercial Real Estate Women has announced its SPIRE Award winners for both the 2019 and 2020-2021 nomination periods.
The 2020 SPIRE Awards did not take place due to the COVID-19 pandemic, however, a portion of the evening recognized last year’s winners, including:
–Rochelle Mills, president and CEO of Innovative Housing Opportunities, was honored as the top woman in commercial real estate.
–H. Hendy Associates, SAP, Tangram, Howard Building Corp., CBRE, Grimm & Chen Structural Engineering, tk1sc, were awarded for their tenant improvements at SAP Innovation Center & HanaHaus.
–CBRE, for sales on its Banc Hotel project.
–Snyder Langston, Roman Catholic Diocese of Orange, for their Renovations of Christ Cathedral.
–Hanley Investment Group, Movember Foundation for philanthropy.
–Lincoln Property Trust, RCH Studios, House & Robertson Architects, Byrd Construction Management, Suffolk Construction, JB3D for new construction of the FLIGHT at Tustin Legacy project.
–Meghana Joshi, senior project manager at Little Diversified Architectural Consulting, was honored as the most valuable service provider.
–Coreland Companies for the lease of the Hoag Health Center, Foothill Ranch project.
–Sasha Truong, an associate at BlackRock, was honored as last year’s emerging leader.
The 2021 SPIRE winners included:
–Jo-E Lopez, the vice-president of business development at Snyder Langston, was honored as the top woman in commercial real estate.
–Coastal Pacific Construction, VANROOY Design, T.S. Voelker Architecture, for the Tenant Improvements of Caló Kitchen and Tequila project.
–Nuveen Real Estate for sales on its Joule La Floresta project.
–Oltmans Construction Co., Perkins Eastman, Westling & Associates Construction Management, Stantec, The Pegasus School for building renovations of The Pegasus School New Science & Technology Center.
–CapRock Partners, Free Wheelchair Mission and Kristina Lewison, senior director, asset management of Invesco, Miracles for Kids for philanthropy.
–Boulder Associates, Snyder Langston for new construction of their work on the Be Well Orange Campus.
–Amanda Donson, an associate at Allen Matkins, was honored as this year’s emerging leader.
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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