OC Register: “Real estate briefly: Pendulum buys Peters Canyon office property for $41.7 million; Orange senior apartments sell for $13.5M”
Mar. 05, 2017
Irvine-based Pendulum has bought a 156,305-square-foot office building at 5 Peters Canyon in Irvine for $41.7 million. The three-story property is between The Market Place and The District. Tenants include Medata, Black & Veatch, TRI Pointe Homes and Starwood Hotel & Resorts. The building was sold to Pendulum by K.C. Scheipe and Adam Edwards, both managing directors at Eastdil Secured in Irvine.
NAI Capital in Irvine has completed the $13.5 million sale of Triangle Terrace senior living apartments in Orange. Steve Heri, Steve Gim, and James Lampman represented the buyer, Reiner Communities, and seller, Orange Senior Housing, in the transaction. The 75-unit building at 555 S. Shaffer in Orange was built in 1985. The property sits at the eastern entrance to Hart Park.
A two-story, creative office building at 26840 Aliso Viejo Parkway has sold for $11.8 million. At the time of the sale, the property was 30 percent occupied with two tenants. The 33,915-square-foot building recently underwent $1 million in exterior and interior renovations. The buyer, Seabreeze Management Co., a property management company, was expanding and looking for an owner-user opportunity. They will occupy the remaining vacant space and the entire second floor for a total of 23,916 square feet. The seller was Irvine-based Kelemen Caamaño Investments, which acquired the building in 2015. Kelemen Caamaño Investments was represented by Rob Rader of Wind Water Realty, also of Irvine. Seabreeze Management Co. was represented by Brett Lessman and Will Tober of Hughes Marino.
New ventures
Irvine-based Brandywine Homes and Newport Beach-based Integral Communities have broken ground on Riverdale, a gated residential community that will offer 131 detached single-family homes in Long Beach. Grading on the development, near the Bixby Knolls Shopping District, is expected to begin this month. A grand opening is slated for August. Riverdale, the companies said in a statement, will offer floor plans with three and four bedrooms. Home sizes will range from 1,900 to 2,250 square feet. Prices are expected to start in the low $600,000s. The gated community includes a clubhouse with a meeting room, Junior Olympic-size pool and spa with cabanas, outdoor dining areas, and tot lot. Near the Riverdale project, Brandywine is planning to develop a 3.3-acre city park named after Dr. David Molina of Long Beach-based Molina Healthcare.
People in Real Estate
Tom Myers has been promoted to regional vice president for Ware Malcomb, an Irvine-based design firm. Myers will continue to oversee Ware Malcomb’s Commercial Architecture group in addition to becoming a member of the firm’s executive team. Myers joined Ware Malcomb in 2004 as a director of commercial architecture in the Irvine office and was promoted to principal in 2007.
Jim Schuchert joins SRS Real Estate Partners as senior associate in the Newport Beach office as part of the firm’s National Net Lease Group. Schuchert joins SRS from Matthews Real Estate Investment Services.
NAIOP SoCal, an organization for developers, owners and investors of office, industrial, retail and mixed-use real estate, has added new members to it 2017 board. They are: President Lance Ryan, Watson Land Co.; President-Elect and Sponsorship Chair James V. Camp, Rockefeller Group; Vice President and Sponsorship Vice Chair Jeff Moore, CBRE; Treasurer and Real Estate Challenge Adviser Pamela L. Westhoff, Sheppard Mullin Richter & Hampton; Secretary and Chair Rob Antrobius, Prologis; Programs and Education Liaison Alison Vukovich, LBA Realty; and Past President Kevin Jennings, Bank of America Merrill Lynch.
Milestones
Burgin Construction – North Tustin was one of five companies to receive the inaugural “Built Clean Awards.” BuildClean specializes in dust control solutions for residential remodeling contractors.
Coming Up
The Interior Designers Institute will host an open house from 10 a.m. to noon Saturday. Visitors will have an opportunity to hear from design students, graduates, and faculty, tour the campus, and see state of the industry technology, student display galleries and graduate projects. The institute is at 1061 Camelback St., Newport Beach. RSVP online at idi.edu or email contact@idi.edu or call 949-675-4451.
The California Lodging Investment Conference (CLIC) will be held from 9:30 a.m. to 6:30 p.m. March 9 at the Hilton Irvine/Orange County Airport, 18800 MacArthur Blvd., Irvine. CLIC focuses exclusively on the California Hotel market. For registration information, go to cliconference.com/registration.
Commercial Real Estate Women, Orange County (CREW-OC) will host its sixth Annual SPIRE Awards ceremony Wednesday, March 29. The event will be held at The Samueli Theater, 600 Town Center Drive, Costa Mesa. Call 714-556-2122 for more information. For reservations, crewocspireawards.com.
The real estate briefs are compiled by contributing writer Karen Levin and edited by Samantha Gowen, business editor at the Register. Send related items to sgowen@scng.com. Allow one week for publication. High-resolution photos also can be submitted.
