The Tri-Freeway Business Park, which is a multi-tenant industrial unit in Anaheim, Orange County, CA, has been sold for $29.45 million. This deal was brokered by the CBRE group, and the buyer, a private individual, has been kept private. The seller, Greenlaw Partners, was represented by Doug Mack, Anthony DeLorenzo, and Gary Stache of CBRE.
Greenlaw Partners is an Orange County, California based full-service real estate operating company. Founded in 2003, the company acquires, develops and manages commercial real estate properties throughout the western United States. Our core focus is on the acquisition and management of income assets and land entitlement projects. Our organization’s thoughtful and creative approach to transactions, coupled with extensive relationships within the equity, debt, broker and vendor markets, allow us to create value and maximize risk-adjusted returns for our investment partners.
The four representatives of CBRE also represented the buyer. A loan of $19.1 million was obtained by the buyer through the debt and structured finance team at CBRE. The Tri-Freeway Business Park is made up of ten buildings and is located at 700-720 North Valley Street and 2101-2121 West Crescent Avenue. The 208,824 square feet property currently is 97% leased.
Meanwhile, CDK Plaza in Portland, OR has been purchased by Newport Beach company Bixby Land Co., for a price tag of $33.4 million.
Bixby Land Company is recognized for its expertise in the investment, development and operation of industrial, office, and R&D properties in select Western U.S. markets. Bixby is active in the investment of institutional grade core industrial properties, which comprise the bulk of the firm’s assets under management.
The KBS Real Estate Investment Trust was responsible for the sale of the CDK Plaza. KBS Real Estate Investment Trust is a KBS Realty Advisors affiliate. Some $7.5 million will be spent by the firm in order to upgrade the office complex. It is a class A complex covering 185,729 square feet, found in Portland’s Downtown area. Bixby has stated that they want to redesign a courtyard area and an expansive plaza between the property’s two buildings. They also want to renovate the corridors and lobbies, make aesthetic improvements, particularly to the glass curtain wall, and make upgrades to the current landscaping. The campus comprises two four story buildings and, at the time of sale, it was 96% leased.
Lastly, the 18552 Demion Lane, Huntington Beach, CA four unit apartment complex was sold by HOM Sotheby’s International Realty.
As the exclusive regional affiliate of the world’s largest and most successful luxury property brokerage network, HOM Sotheby’s International Realty can introduce your property to buyers around the globe.
The seller of the property was Rowland and Carole Hodge, and the buyer is David Augenstein. The sellers were represented by Mike Thornton of HOM Sotheby’s International Realty, who is based in the Huntington Beach office.
Besides major purchases and sales, other changes have also occurred in the Orange County commercial real estate market. Commercial real estate brokerage firm Saywitz Co., in Newport Beach, named Joe Poncino as their senior vice present of construction. Poncino has worked in the construction industry for 40 years and first joined Saywitz Co. in 2011.
The Saywitz Company is a full service real estate brokerage and consulting firm that was built on combining the traditional values of integrity and professionalism with innovative financial and negotiating techniques. Our exclusive representation of tenants and buyers of commercial real estate allows us the ability to provide unbiased expertise with no conflict of interest.
Meanwhile, CBRE Capital Markets has welcomed Stewart I. Weston, who will take on the position of executive vice president. Weston is based in Newport Beach and his aim will be to enhance the institutional multifamily investment work of the firm, particularly in Southern California. Weston has worked in multifamily investment sales for more than a quarter of a century. He previously worked for Marcus & Millichap, overseeing the area’s apartment investment sales.
George M. Marcus and William A. Millichap revolutionized the real estate brokerage industry. Marcus & Millichap was designed to go far beyond simply facilitating real estate transactions. It was developed as an entire system dedicated to maximizing value for real estate investors.
While Weston was employed with Marcus & Millichap, he was responsible for more than $3 billion in sale transactions. CBRE has clearly engaged in a strong recruitment drive, as they have also appointed John Montakab as vice president, and they have added two support staff.
Orange County has also been home to a number of new initiative. For instance, planning and architectural firm Architecture Design Collaborative, which specializes in residential, commercial, and retail properties, has moved to new Laguna Hills headquarters, expanding their own space.
Architecture Design Collaborative is a full service planning and architectural firm specializing in Retail, Commercial, and Residential projects. We embrace an open, creative, competitive, and dynamic environment for our employees and collaborators to flourish. We strive to work in the “Blue Ocean’s” by creating a quantified value for our clients.
The firm continues to be based in Costa Mesa, and aims to complete the move in January 2017. Founded by Craig Chinn in 2014, the company quickly became known as the best architectural design firm in Orange County. Due to its expansion, it is likely that the company will also engage in a recruitment drive in 2017 to meet the new demands as it expands its operations into South County.
Meanwhile, ABC Green Home Project was joined by Fullerton Police Department members to volunteer.
The ABC Green Home brand, consisting of four ZNE residential projects, aims to demonstrate that building green can be Affordable, Buildable, and Certified. All of the homes showcased below are unique ventures, expanding the possibilities for each particular type of home building.
The city of Fullerton donated the South Highland and West Truslow avenues infill lot to the project, and it is hoped that the project will complete in the first few months of 2017. The aim is to create a new community of fully energy efficient properties. Nick Slevin from the Peninsula Publishing spearheaded the project, working together with Habitat for Humanity Orange County, Southern California Gas, and Southern California Edison.