Every week, there are significant changes and developments in the commercial real estate market in Orange County. It is a dynamic part of the country, as well as a very affluent one, which makes it very interesting for businesses and investors alike. So what are the latest developments to be aware of?
$41.7 Million Sale of Irvine Property
Perhaps the greatest development is that 5 Peters Canyon in Irvine has been purchased by Pendulum for $41.7 million. Pendulum Property Partners has, in effect, used this move as an advertisement for their own business model.
Pendulum Property Partners is a fully integrated owner, operator, developer and management firm of commercial and multi-family real estate.
Meanwhile, Triangle Terrace in Orange, a senior living facility, has been sold for $13.5 million to Reiner Communities, who purchased it from Orange Senior Housing. This property was constructed in 1985.
Furthermore, at a price tag of $11.8 million, the 26840 Aliso Viejo Parkway building, a creative office across two stories, has been sold. When sold, it had a 30% occupancy rate, and it has recently been renovated for $1 million. It has been purchased by Seabreeze Management Co., who will continue the tenancy agreements with the two companies already in the building, while the owner occupying the rest.
Seabreeze Management Company operates as a community — focused on people, performance and passion. Our job is people focused… and we love this. We understand how important it is to provide our clients with a personable and knowledgeable team that has a shared passion for serving others. Every community and property type is unique. It’s why we choose to listen to our clients, understand their vision, and together, provide comprehensive management services, financial understanding and strategic guidance that allow each community to thrive.
New Commercial Real Estate
Orange County is always developing, and a new gated residential community has been given a further go-ahead. Some 131 detached single family properties will be constructed in Long Beach by Integral Communities and Brandywine Homes, from Newport Beach and Irvine respectively. It is expected that construction will begin in March 2017.
This gated community of 131 detached homes offers spacious living between 1,900-2,250 sq. ft. as well as a community pool and recreation facility. Each home has welcoming and contemporary floor plans, designer finishes and fixtures, and modern appliances.
The new community will hopefully be open in August 2017, so long as grading can start this month, as projected. The properties will be designed for their comfort and beauty. At present, prices for the multifamily properties will range from around $600,000 upwards. The community, meanwhile, is conveniently located to be near a range of amenities, as well as having a wealth of activities within its own grounds. No just that, but Brandywine Homes aims to also create a city park, measuring 3.3 acres, near the new development. This park will be named after Long Beach’s Molina Healthcare’s Dr. David Molina.
While a lot of new things always seem to happen in the world of commercial real estate in Orange County, existing projects and companies also continue to reach important milestones. For instance, the North Tustin office of Burgin Construction has recently received the “Built Clean Award”, one of just 20 companies in the country to receive this prestigious honor.
It is with a humble and grateful heart that we announce that Burgin Construction Inc. has been selected as 1 of only 20 firms in the nation to receive the prestigious honor of the “Built Clean Award” for Outstanding Customer Service.
Additionally, a lot of new things are due to happen. For instance, the Interior Designers Institute is due to hold an open house in order to for people to speak to faculty, graduate, and students in order to learn more about design. Various graduate projects will be on display in the gallery. A conference was also recently held by the California Lodging Investment Conference, with a focus on the hotel market in particular. Finally, March 25th will be the date of the 6th Annual SPIRE Awards ceremony, hosted by Commercial Real Estate Women, Orange County. This event celebrates women in the commercial real estate business, and the work that they do.