News

Sept. 25, 2016

Voit Real Estate Services, based in Irvine, has completed the $15.4 million sale of Arrow Business Park, a seven-building, 136,806-square-foot multitenant industrial/flex business park in Rancho Cucamonga. Frank Geraci and Juan Gutierrez of Voit’s Inland Empire office and Mike Bouma of Voit’s Orange County office worked together to represent both the buyer, Focus Real Estate, and the seller, Essex Arrow, in the transaction. The business park consists of 69 units ranging from 240 to 12,650 square feet in size.

JLL in early September successfully negotiated the sale of two industrial properties located in Orange County for a total value of nearly $8 million. DMZ Management has acquired a 31,500-square-foot industrial building at 530 N. Puente St. in Brea from Sharon L. Six for $5 million. JLL’s Garrett McClelland represented the buyer. The seller was self-represented. SSM&M Partners acquired a 16,068-square-foot industrial building at 1961 E. Petra Lane in Placentia from Peairs Real Estate for $2.8 million. JLL’s McClelland represented the seller. The buyer was represented by Cameron Jones and Greg Ashwill of Ashwill & Associates.

Morgan Skenderian Investment Real Estate Group in Newport Beach has closed several building sales in recent weeks, including:

• A 13-unit apartment complex in Long Beach, to ShaeGem LLC for $1,678,000. The complex, at 184 E. Artesia Blvd., was owned by the estate of George A. Weseloh Jr. Rick Applebaum and Doug Rodermund represented the buyer and seller.

• Another 13-unit apartment complex in Long Beach sold to Marcus Lynch for $1,595,000. The complex, at 729 Lime Ave., was owned by Pacific Shoreline Properties. Peter Gillin and John Heard represented the seller and buyer.

• A four-unit apartment complex located in La Habra sold to New Vision Management for $880,000. The complex, at 1331 Burwood St., was owned by Carolyn XD Vu & Michelle Nguyen. Rick Applebaum represented the buyer and seller.

• A 12-unit apartment complex in Lakewood sold to Sperry Fiola Real Estate Services for $2,856,500. The complex, at 4108 Deeboyar Ave., was owned by the Fred & Belen Cordova Family Trust. Doug Rodermund and Grant Hahn represented the buyer and seller.

PEOPLE IN REAL ESTATE

Michael Mahon has joined Irvine-based First Team Real Estate as its president. Most recently, Mahon served as president and broker of record at HER Realtors in Ohio.

Mimi Nguyen has been promoted to executive vice president of underwriting at KBS in Newport Beach. KBS also named Robert Durand executive vice president of financing. Nguyen will oversee a team responsible for the underwriting, due diligence and closing of acquisitions nationwide on behalf of KBS REIT, pension fund and sovereign wealth fund clients. Durand will be responsible for overseeing the KBS financing team, developing lending relationships, and structuring and negotiating the financing for KBS real estate assets. KBS Realty Advisors is a private equity real estate company founded in 1992.

NEW HOUSING

Brandywine Homes has closed out sales at Covington, a 5-acre urban infill community with 51 townhomes in Yorba Linda, across from the Nixon Presidential Library & Museum. The Craftsman-style townhomes, which range in size from 1,842 to 2,100 square feet, were designed by Theron Pate of Pate Smeall Architects in Newport Beach. The units include energy-efficient tankless water heaters, recessed lighting, state-of-the-art communication and networking systems, master suites with oversized soaking tubs and walk-in closets, and gourmet kitchens with granite countertops, stainless steel appliances and maple cabinetry. Covington includes a pool, recreation center, central barbecue and gathering area.