Garden Grove Shopping Center has sold for $33.5 million, according to NAI Capital Commercial.
Center sold at 10870 W Katella Ave. By Red Mountain Group to Katella Star Plaza.
Katella Gateway was completed in 1979 and remodeled in 2017. UEI College is based on the fully leased mall and also houses Gold’s Gym, Jugos Acapulco, Octapharma Plasma, Boulder Express Laundromat, T-Mobile and Wholesale Nutrition Center.
The buyer represented Sherry Miserlian of NAI Capital Commercial’s retail services group in Torrance. The Red Mountain Group was represented by John Read of CBRE.
La Palma SPX property sold for $2.8 million
A Starbucks property in La Palma has sold for $2.75 million, according to Hanley Investment Group Real Estate Advisors.
Hanley’s team of Bill Asher, Jeremy McChesney and Jeff Lefko represented the vendor, The Festival Cos. of Los Angeles, in a three-network 20-year land lease to purchase the new Starbucks. Mike Yim represented Jupiter, who has been identified as a Brea-Based investor, at Team Spirit Realty in Buena Park.
The La Palma deal was one of five Starbucks properties that Team Hanley have represented in recent weeks. The brokerage handled similar sales totaling $18.35 million combined in Redondo Beach, El Cajon, Rosamund and Modesto.
Tustin Manufacturing Building is $19.2 million
Stos Partners in Encinitas has purchased a 71,616-square-foot industrial estate within the Irvine Business Park and adjacent to Tustin Legacy from an anonymous seller for $19.2 million.
Microvention, a medical device company and current tenant, will leave the Tustin building at 1311 Valencia Ave. At the end of the lease term in March, according to Stos. The biotechnology company is headquartered in Aliso Viejo.
“The life sciences and niche R&D industries are rarely affected by market volatility as there is always a need for these services,” CJ Stos, Director of Stos Partners, said in a statement. “Once the existing tenant is vacated, we plan to lease the building to a specialist manufacturing company that will take advantage of the property’s strong position and high-tech features, setting up the asset for stable cash flow and upward potential amid shrinking vacancies over the next several years.”
Michael Hartle, Nick Velasquez and Grant Clancy at Colliers International represented the seller and Stus Partners in the deal.
Koll Corporation sells Sky Park in Irvine
Newmark arranged the sale of SkyPark, a three-building 81,551-square-foot office campus in Irvine.
Newmark did not provide terms of sale.
Such as Kevin Shannon, Paul Jones, Sean Volpe, Brandon White Seller, and The Koll Company. The buyer was unknown.
New home furnishing Ontario homes
Irvine-based New Home has begun building 72 Ontario homes that will be priced in the $500,000 range.
According to New Home, the first shutdowns and transitions at Nuvo Piemonte are tentatively scheduled for March 2022.
The home builder said 16 units had already been sold. Three-story homes start at $506,924 and include 2,202 square feet of living space, up to five bedrooms and three and a half bathrooms. The builder said an accessible housing unit with separate entrance would be available in Plan 3 and Plan 4.
The community, which will include 10 buildings, is located adjacent to Piemonte in Center Ontario, a shopping mall connected to Target.
A list of interests can be found at NUVOPiemonte.com.
Bascom closes 38 . Texas deal
The Bascom Group of Irvine has purchased two other apartment complexes in Texas totaling 602 units.
The investment company did not disclose the terms of purchase of two properties.
Spencer Park Row has 390 units and is located near Katy in West Houston. Tranquility Lakeside has 212 units and is located in Pearland.
The deals marked the 38th multi-family deal that closed in Texas for Bascom.
“We committed more than $16 billion in multi-family deals this year in Texas, so it’s great that a few of them are closing,” said James Darginio, senior director of Bascom.
Clint Duncan and Matt Phillips of CBRE represented the anonymous seller in the transaction.
The sale of Vegas apartments to Bascom for $40.5 million
In another deal with Bascom, the company purchased a 200-unit condominium complex in Las Vegas for $40.5 million, or $202,500 per unit.
The transaction was handled internally by Scott McCliffe and Tom Gilvellan, and the financing with ACRE Credit was arranged by Annie Rice and Jimmy Klein with JLL Capital Markets.
Sun Chase was completed in 1985 and features one and two bedroom garden-style apartments. Amenities include a fitness center, residents club, pool, and barbecue, along with a green area.
Bascom said it will modernize the fitness center, club and pool areas while reallocating greenery into a garden with a shaded play structure, barbecue station and seating areas.
A design company that accepts cryptocurrencies
Hootan & Associates Design Studio, an interior design firm in Laguna Beach, is accepting cryptocurrency as a form of payment for the upcoming year. The company said it will take Bitcoin, Ethereum, Litecoin and Bitcoin Cash through its website.
“We need to focus on the future of architecture and design, because the entire design approach will be changed and adopted by technology,” said Hootan Hamedani, CEO and founder of the company.
good works
Staff at Villa Real Estate in Newport Beach worked with the Orange County Fire Authority to host the Spark of Love Holiday Toy Drive for families in need this holiday season.
Collected December 20, the team was able to fill a truckload of toys and gifts for babies up to 18 years old. Gifts will be distributed to non-profit organizations throughout Orange County.
Real estate transactions, leases, new projects, industrial hires, new projects, and upcoming events are compiled from press releases by contributing writer Karen Levine. Email items and high-resolution images to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for posting. All elements are editable for clarity and length.