Skandia mobile home park in Surf City sells for $ 58 million, or $ 347,305 per lot – Orange County Register
The original builders and owners of the 58-year-old Skandia Mobile Country Club in Huntington Beach sold the 167-unit complex for $ 58 million, or $ 347,305 per lot.
Investment Property Group, with its base in Utah and offices in Irvine, is the new owner. The company specializes in manufactured home communities and RV parks with 100 properties across the western United States.
âThe buyer plans to re-do all of the roads inside the park first along with other cosmetic work,â said Jeff Benson of Marcus & Millichap, the brokerage that introduced the Coulter Family Trust.
The age-restricted park was built in 1963 on 17 acres and is within walking distance of the Bella Terra Mall. The property features a swimming pool, spa, games room and clubhouse with kitchen. Residents must be 55 years of age or older.
âThis property offered buyers a rare opportunity to acquire a trophy in one of Southern California’s most desirable destinations,â said Benson.
6 apartments, $ 21 million
Marcus & Millichap’s Newport Beach office sold half a dozen apartment complexes this summer for a combined $ 20.9 million.
In Fullerton, a newly constructed seven-unit townhouse-style apartment building at 3801 Franklin Ave. sold for $ 4.45 million or $ 635,715 per unit. The property, which was completed in late 2020, has six five-bedroom units and one four-bedroom unit designated as an affordable housing unit.
All units were occupied at the time of the sale, the brokerage said.
Matthew Wenzel, senior vice president of the brokerage, represented the seller, The Urban Pacific Group of Cos. The purchaser was the Robert Chiu and Grace Chiu Revocable Living Trust.
Several other apartment transactions were handled by Greg Bassirpou, first vice-president of the Bassirpou group of the firm:
âGreen Avenue Apartments, a 5,792 square foot, six-unit apartment building at 4164-4174 Green Ave. in Los Alamitos, sold for $ 2,525,000 or $ 420,833 per unit.
âMaple Street Apartments, a 5,164 square foot apartment building with five units at 11102 Maple Street in Los Alamitos, sold for $ 2,450,000 or $ 490,000 per unit.
âPacific Avenue Apartments, an 8,396 square foot apartment building with 16 units at 1214 S Pacific Ave. in Santa Ana sold for $ 3,625,000 or $ 226,562 per unit.
âSeventh Street Apartments, a 4,213 square foot, six unit apartment building at 405 7th St. in Huntington Beach, sold for $ 2,670,000 or $ 445,000 per unit.
âSouth Standard Avenue Apartments, a 14,784 square foot apartment complex with 24 units at 939-1001 South Standard Ave. in Santa Ana, sold for $ 5,250,000 or $ 218,750 per unit.
In a separate transaction, Bassirpou represented the purchaser of an 8,123 square foot adjacent beach parcel at 814 Pacific Coast Highway in Huntington Beach for $ 3,200,000.
Taco Bell campus sold for $ 159 million
The longtime Taco Bell and Ford Motor Co. home in Irvine was sold to Taiwan-based Skyline Group International for $ 159 million.
Taco Bell has been in Irvine for 43 years and on the Glen Bell Way Campus since 2009. The fast food division of Yum! Brands has a long-term lease that runs until 2030.
Skyline Group International was represented by Alex Foshay at Newmark Knight Frank. Another Newmark team including Kevin Shannon, Paul Jones, Ken White and Brunson Howard and Brandon White represented the seller, LBA Realty.
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A subsidiary of LBA purchased the 273,180 square foot property for $ 104 million in 2018, according to the Orange County Business Journal.
The campus has three main structures: a five-story office building at 1 Glen Bell Way (named after the founder of Taco Bell), a one- and two-story office building at 3 Glen Bell Way, which is leased to Ford. , and 5 Glen Bell Way, a four-level, 911-space parking structure.
The Ford and Taco Bell parking lots were home to the popular Cars & Coffee meetup, which started in 2006 and ended in 2014 after the popular Saturday event for car enthusiasts outgrown the resort. A similar gathering is now taking place in San Clemente.
Almost 100,000 square feet of campus rights can be used for future expansion / office construction at 3 Glen Bell Way, according to Newmark.
âPrivate capital, both domestic and foreign, has dominated the buyer landscape for Orange County offices this year,â said Shannon, co-head of US capital markets for Newmark.
New lease for Glidewell in Irvine
Glidewell Dental Ceramics has signed a new 10-year, $ 6 million lease on its 40,645 square foot industrial building in Irvine, according to owner BLT Enterprises. The property is located at 17466 Daimler Street.
Grant Labounty and Justin Smith of Lee & Associates represented BLT. Allison Kelly of CBRE represented Glidewell.
Glidewell manufactures dental laboratory products, services and technologies.
Record sale for New Brunswick team in Barstow
A commercial building that houses Raising Cane’s in Barstow was sold to an investor in Los Angeles for $ 5.49 million, according to the National Net Lease Group of SRS Real Estate Partners in Newport Beach.
The sale of the 3,288 square foot parcel of land at 2620 Fisher Blvd. was the highest price paid for a single-tenant quick-service restaurant in the city, according to CoStar, a commercial real estate data company.
The SRS team of Matthew Mousavi and Patrick Luther represented the seller, Starboard Realty Advisors. The buyer, an unidentified Los Angeles-based investor, was on a 1031 exchange and represented by Pablo Rodriguez of Newmark.
Forms of multi-family investment firms in NB
A former executive of the Irvine company is embarking on his own in the multi-family sector.
Chris Marsh, previously president of the Apartment Development division of Irvine Company, launched Cherry Tree Capital Partners, a multi-family investment firm in Newport Beach.
Marsh said the company will focus on multi-family acquisitions in the Midwestern and Sun Belt markets, with a short-term goal of growing to more than 1,000 units per market over the next 18 months.
“There is a tremendous opportunity today for strategic renovation and repositioning of existing apartment communities in Sun Belt markets,” Marsh said in a statement.
Cherry Tree has also appointed four directors:
– Austin Maleki, who helped create and lead the business development and capital markets team for Cloud Kitchens.
– John Bosco, who built and led the Asset Management and Analytics division for an apartment owner, developer and operator in Newport Beach after a 4-year stint with Irvine Company
– Michael Wu, who worked in the investment team alongside Bosco and previously supported strategic planning and analysis at Irvine Co.
– Aurmon Banitaba, who represented clients in the acquisition and disposal of commercial properties for Marcus & Millichap
For more information on Cherry Tree Capital Partners, visit Cherrytreecp.com.
Milestone for Passco
Passco Cos., Based in Irvine, has acquired several multi-family assets in five states for a total of $ 445.7 million and 1,781 units.
The company has announced plans to set a Passco record for acquisitions of $ 1 billion this year.
These recent acquisitions have also helped the company grow. Passco hired 10 new employees and promoted 11.
Real estate transactions, leases and new projects, industry hires, new businesses and upcoming events are compiled from press releases from editor Karen Levin. Email items and high-resolution photos to Business Editor Samantha Gowen at [email protected] Please allow at least a week for publication. All elements are subject to change for clarity and length.