A 20-unit apartment complex in Los Alamitos has been sold to an unidentified buyer for $6.8 million, according to CBRE.
The 16,805 square-foot property at 3612 Green Ave. was built in 1972. The two-story buildings have studio, one- and two-bedroom units, plus 20 below-ground parking spaces and a laundry facility.
Dan Blackwell and Mike O’Neill of CBRE represented the 1031-exchange buyer.
Blackwell said the sale marked the largest apartment trade in Los Alamitos since 2017.” said Blackwell.
“We sold the buyer’s six-unit ‘downleg’ property in Laguna Beach for $591,000 per unit and identified the ‘upleg’ property at $340,000 per unit,” he said in a statement. “It was a great opportunity to handle the entire exchange process for our client from start to finish and triple the buyer’s unit count and increase cash flow.”
BH Properties in Los Angeles has bought Freeway Corporate Park, a 128,266-square-foot office complex in Santa Ana, for $21 million. The two-building campus sits at 2501 Pullman St. and 1700 E Carnegie Ave. in the Orange County Airport Area/Irvine Business Complex and is roughly half-leased. Its tenants include Iteris, which provides software and consulting services, and Orange County Head Start. (Courtesy of BH Properties)
LA firm buys Santa Ana office campus for $21M
BH Properties in Los Angeles has bought Freeway Corporate Park, a 128,266-square-foot office complex in Santa Ana, for $21 million.
The two-building campus sits at 2501 Pullman St. and 1700 E Carnegie Ave. in the Orange County Airport Area/Irvine Business Complex and is roughly half-leased. Its tenants include Iteris, which provides software and consulting services, and Orange County Head Start.
BH Properties said it will “maximize rents with the remaining space at the property,” which amounts to 55,879 square feet of vacant space including the 26,000-square-foot second floor at the Pullman Street building.
The firm said the property has already had $550,000 in capital enhancements in the patio areas and upgrades to the HVAC system.
“The Freeway Corporate Park provides us with a unique opportunity to secure an updated office complex in a highly visible part of Orange County,” said Andrew Van Tuyle, senior managing director of investments at BH Properties. “With shrinking Class B supply, there is an opportunity for us to maximize rents and stabilize the asset.”
Newmark Knight Frank marketed the property for sale on behalf of the seller, who was unidentified.
Investments for Koll
The Koll Co. in Irvine has completed $110 million in real estate investments and industrial growth throughout the western United States.
The firm’s recent acquisitions added more than 700,000 square feet to a multistate portfolio that encompasses more than 4.5 million square feet, according to Koll.
Koll has also expanded to Salt Lake City and Oregon’s Portland/Beaverton region.
From left to right, from the top down: Paige Akmon, Mark D. Hinkins, Stefanie Teller, Gregg Healy, Jamie Lung and Trent Beck.
Industry people on the move
The Sundt Foundation named Stefanie Teller as the organization’s new executive director. The foundation is the philanthropic arm of Irvine-based Sundt Construction. It distributes around $1 million each year in grants to nonprofit organizations that focus on improving the lives of disadvantaged individuals and families in nine metropolitan areas where Sundt has offices. To date, it has donated $11 million to various social causes and disaster relief efforts.
Gregg Healy has joined Savills as executive vice president and head of the Industrial Services Group in North America. Based out of the Newport Beach office, he will manage Savills industrial practice in the US and Canada. Healy’s primary responsibilities will include expanding the group into all essential North American industrial markets. Previously he spent nearly five years in several leadership roles at Colliers International and is an expert in third-party logistics and supply chain management.
Mark D. Hinkins has been hired as president at Irvine-based Sperry Commercial Global Affiliates. The firm also promoted Jamie Lung to manager of Franchise Operations. Hinkins, with 33 years in commercial real estate, previously was at Trimark Commercial Real Estate, a firm he founded. Lung has been with Sperry since 2011 and is responsible for overseeing new franchise development, compliance, systems management, affiliate on-boarding, administration and daily operations.
The Saywitz Co. has added two new hires to Newport Beach operations. Trent Beck joins the business development team as an associate. He has 2 years of experience in commercial real estate and finance and a bachelor’s degree in finance from Chapman University. Paige Akmon joins the brokerage division with more than 3 years of experience with E Mortgage Capital in Irvine and Premier Workspaces in Newport Beach.
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 email@example.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
Originally Appeared On: https://www.ocregister.com/2021/05/07/real-estate-news-20-unit-los-al-apartment-complex-sells-for-6-8-million