News

Jan. 22, 2017 Updated Jan. 23, 2017 9:51 a.m.

 

 

 

 

 

 

 

 

 

 

Pinnacle Asset Management Group has bought a 203,749-square-foot office building at 26632-26642-26672 Towne Centre Drive in Foothill Ranch for $40 million. Ryan Swanson and Kurt Bruggeman of Lee & Associates in Irvine represented Pinnacle. The seller, Equity Office/Blackstone, was represented by Ryan Gallagher, Tim Geiman and Derreck Barker of Holliday Fenoglio Fowler, in Newport Beach. Built in 2000, the office building is completely leased with tenants including Loandepot, Pepsi Co. and Arrow Electronics.

Kelemen Caamaño Investments has acquired four multitenant, low-rise office buildings in Irvine for $27 million. All four buildings are part of the 13.55-acre, eight building Centerpointe office project, at the southwest corner of the Irvine Business Complex at MacArthur Boulevard and Jamboree Road. At the time of the purchase, the occupancy in the buildings was nearly full. Some of the tenants include UC Irvine, SGS&B Law, and Elite Education. Wind Water Realty represented KCI and will assume the property management for the project. The seller was represented by Brian Garbutt of Lee & Associates and Robert Griffith of NGKF.

Euroline Steel Windows & Doors, a Santa Ana-based company that manufactures steel doors and windows, has bought an 84,396-square-foot industrial building at 22600 Savi Ranch Parkway in Yorba Linda for $11.2 million. Senior Vice Presidents Dale Camera, Jason Helmick and Associate Kenah Cooper of Lee & Associates in Irvine represented the buyer. Rick Ellison of Cushman & Wakefield represented the seller, Sam Makhanian. Euroline Steel Windows & Doors is expected to occupy the property by the end of the second quarter.

CBRE Group has completed the sale of Lakeside Plaza, a retail center in Anaheim, for roughly $4.6 million. CBRE’s Peter Andrich, Rick Warner, Tom Abel and Matt Osborn represented the seller, Orange County Transportation Authority, and CBRE’s Joe Miller represented the buyer, a private investor. The center, at 3440-3492 East Orangethorpe Ave., is a single-story, 23-suite retail building.

Lifescapes International, a Newport Beach-based landscape architectural firm, has been selected to design the overall landscape environment for Bayside, a $1 billion, 262-acre master-planned development in the Lake Ray Hubbard area of Rowlett, Texas. The development will feature the first Crystal Lagoon in Texas, which is a new technology that creates man-made lagoons with turquoise waters. Lifescapes International will design the landscaping for the entire 116-acre peninsula, including 25 acres of parks, a variety of retail rooftop gardens and beach zones, and the perimeter of the 8-acre lagoon. The master-planned community is being developed by Bayside Land Partners. Construction on the lagoon will start in March, and the project is expected to be open by Spring 2019.

People in real estate

The Irvine Co. Resort Properties division has appointed Dirk M. Willis as vice president and general manager of golf. Willis will lead all aspects of golf and retail for two public courses at Pelican Hill Golf Club in Newport Coast and Oak Creek Golf Club in Irvine.

Rick Arvielo, CEO and co-founder of New American Funding in Tustin, has been named chairman of the Mortgage Bankers Association Political Action Committee for the 2017-2018 election cycle. He will spearhead advocacy efforts within the nation’s political system on behalf of the mortgage industry. Arvielo’s first MORPAC meeting as chairman will be Jan. 24 in Palm Springs.

Brandywine Homes in Irvine has hired two industry veterans to serve as vice presidents of development. Brian M. Geis, former senior project manager with William Lyon Homes, and Eric E. Everhart, former senior project manager for Van Daele Development Corp., will perform duties related to due diligence, entitlements and overall project management of communities within the Brandywine portfolio.

Coming up

Tickets are on sale for Rick Rackers Auxiliary of Assistance League of Long Beach’s 2017 “Woman of the Year” luncheon, which will honor philanthropist and realtor Tammy Newland of Seal Beach. The event will take place at 11 a.m. Feb. 3 at Old Ranch Country Club in Seal Beach.

The luncheon is a longstanding tradition dating back to 1955. Tickets for this year’s luncheon, which are $70 per person or $700 for a table of 10, are available by calling the Assistance League of Long Beach at 562-627-5650 or online at allb.org.

The event’s net proceeds benefit Operation School Bell, which helps to clothe 10,000 in-need Long Beach Unified School District students grades K-12 with backpacks, uniforms and school supplies.

Milestones

Money360, a real estate lending platform in Ladera Ranch, reported it closed a record $35.6 million in commercial real estate loans in December. December’s transactions reflect short-term bridge loans for a mix of property types, including retail, office and industrial in California, Florida and Illinois. A total of five properties were financed, including a one-story suburban office building in Irvine; a three-building industrial complex in Richmond; a seven-building anchored retail property in Orlando, Fla.; a three-story suburban office building in Palm Harbor, Fla.; and a three-story office property in Rosemont, Ill.

KTGY Architecture + Planning in Irvine has won the silver award for the Best Senior Housing, Multifamily for its work on Solaira at Pavilion Park in Irvine. The award was part of the Best In American Living Awards hosted by the National Association of Home Builders. In its 33rd year, BALA recognizes outstanding achievement by builders and design professionals in all sectors of the residential industry. Solaira at Pavilion Park, located in the master-planned community of Great Park Neighborhoods, is Irvine’s first new affordable senior housing community in nearly 20 years.

The real estate briefs are compiled by contributing writer Karen Levin and edited by Samantha Gowen. Send related items tosgowen@scng.com