Orange County Register: “Real estate briefly: Creative space at 96 Corporate Park sells for $15M; Choice Hotels to build in Anaheim”
Aug. 14, 2016
96 Corporate Park, a three-story, 41,545-square-foot creative office building in Irvine, was bought as a partial owner/user investment opportunity by Bomel Construction for $15 million. At the time of the sale, the property was just under 40 percent occupied with two long-term tenants. The sale was jointly handled by Rob Rader, vice president of Wind Water Realty in Irvine, and Gary Marquis of Coldwell Banker Commercial. Wind Water Realty represented the seller, Kelemen Caamaño Investments.
JLL has completed the sale of two industrial buildings in north Orange County. A 31,500-square-foot building at 530 N. Puente St. in Brea sold for $5 million in an off-market deal. The other building, at 1961 E. Petra Lane in Placentia, sold for $2.8 million.
CBRE recently completed the sale of French Country Apartments in Anaheim for roughly $7 million. The 33-unit residential community sold for $277 per square foot. CBRE’s Dan Blackwell represented the undisclosed buyer, and Berkadia represented the seller, Interstate Equities Corp., a multifamily investment company. French Country, a property built in 1986 and situated on 1.19 acres, consists of seven, two-story residential buildings, a swimming pool, and an on-site laundry facility.
Brandywine Homes has sold four of 20 new Lakehouse homes at 2901 E. South St. in Anaheim. The neighborhood is expected to be complete in December. Homes are priced from the high-$600,000s to mid-$700,000s and were designed by Pate-Smeall Architects. Lakehouse includes 20 detached single-family homes ranging from 2,200-2,750 square feet on lots ranging from 3,650-7,662 square feet.
Fountainhead Commercial Capital has financed the $8.1 million purchase of an office warehouse in Costa Mesa for catering company 24 Carrots Restaurant Group. The property sits on 2.14 acres at 150 East Baker St. The building will be expanded to more than 45,000 square feet to meet the growing demands of the caterer, which serves all of Southern California.
HOTEL NEWS
Choice Hotels International will build a Cambria Hotel & Suites to Anaheim with franchise partner Santa Ana–based Nexus Companies. The 345-room hotel is expected to open in November 2018. It will be located at the corner of West Katella Avenue and Anaheim Boulevard. The hotel will create 50 to 60 jobs, the company said. The 230,000-square-foot property will have a California-themed outdoor pool and movie screening wall, as well as meeting space and a fitness center. Cambria has 25 properties and 30 under development.
PEOPLE IN REAL ESTATE
Sundt Construction has named Teri Jones as its senior vice president and Building Group manager. A 37-year industry veteran and 17-year Sundt employee, Jones is now responsible for the overall performance of Sundt’s entire Building Group, which includes Sundt’s Irvine office. Jones previously served as vice president in charge of business development for Sundt’s Northern California District.
MILESTONES
Irvine-based Ware Malcomb’s work on the elevon at Campus El Segundo project was honored at the 46th Annual Los Angeles Architectural Awards. The project was designed for Continental Development Corp. and Mar Ventures. Ware Malcomb, a design firm, served as executive architect, along with Ehrlich Architects as design architect. The 15-building creative office project won the only architectural award presented by the Los Angeles Business Council in the mixed-use category.
