Adams Marketplace, a 65,116-square-foot shopping center anchored by Smart & Final Extra in Huntington Beach sold for $29 million. (Courtesy of JLL Capital Markets)
Adams Marketplace, a 65,116-square-foot shopping center anchored by Smart & Final in Huntington Beach, sold for $29 million, according to JLL Capital Markets.
The sellers were Fortress Investment Group and DJM Capital. The buyer was only identified as an “Orange County-based investor” by JLL.
The 49-year-old center was renovated in 2022. Other tenants include Petco, Starbucks, MemorialCare Medical, Wingstop, 76 Gas, Jiffy Lube and Carl’s Jr.
“Adams Marketplace further demonstrates the strong desire of investors today for well-located suburban, grocery-anchored shopping centers,” said Bryan Ley, a managing director at JLL. “The sale marked one of the largest Orange County retail trades to date in 2023 and saw a strong field of investors vying for the asset in our marketing process.”
Westminster apartments sell for $10 million
A 30-unit apartment complex spanning 40,588 square feet in Westminster sold to an unidentified investor for $10 million or $333,333 per unit, according to CBRE.
Courtyard Apartments at La Pat Place has a mix of studio, one-, two- and three-bedroom floor plans.
The 60-year-old complex at 13872 La Pat Place was remodeled by the seller, CBRE said, who invested $1 million in improvements.
“We are seeing a steady demand for multifamily assets in Southern California and a big flight to quality, such as Courtyard Apartments,” said Dan Blackwell, executive vice president at CBRE.
Small Anaheim complex sells for nearly $6 million
CBRE also brokered the sale of a 14-unit apartment building in Anaheim, which traded hands for $5.9 million or $421,000 per unit.
The 37-year-old complex at 129 S. Olive St. is a half-mile from the Anaheim Packing House. The building has all two-bedroom, two-bathroom floor plans with vaulted ceilings, central air, patios and balconies. The property, which was recently renovated, has new paint and new exterior wood.
“Our team had helped the seller … acquire the asset a couple of years ago and guided the investor from the acquisition of the property to the exit,” said Blackwell. “We secured an all-cash buyer through our multifamily investor network and the property was under contract before it was placed on the market for sale.”
CapRock readies massive Inland warehouse
A 500,000-square-foot industrial warehouse is under development at the World Logistics Center in Moreno Valley.
CapRock Partners in Newport Beach bought 22 acres within the center’s master plan. The firm declined to share the purchase price or the name of the Southern California-based seller.
“Our team moved quickly to underwrite and acquire the opportunity, and we look forward to leveraging our experience and expertise to develop another modern world-class facility,” said Taylor Arnett, first vice president of acquisitions at CapRock.
The logistics warehouse will accommodate myriad uses including e-commerce, manufacturing or distribution. By the time it’s done, the warehouse will have 36-foot clear height, 65 dock-high doors and up to 10,000 square feet of two-story office space.
The property, CapRock said, will have 88 trailer parking stalls, 339 spots for vehicles and a truck court depth of 185 feet.
World Logistics Center spans 2,610 acres and ultimately will have 40 million square feet of logistics facilities by 2030.
On the move
Chief Design Officer Keith Hempel has been promoted to president at LPA Design Studios in Irvine. He joined the firm in 1995 and has been a key executive working on energy performance and decarbonization across the firm’s U.S. projects. Hempel is replacing Dan Heinfeld, who led the development of LPA for 36 years. Heinfeld will remain with the firm as an adviser to its board of directors. Hempel is now charged with leading the company’s business, marketing and brand efforts.
William “Billy” Hughes is the new executive director at the Irvine Community Land Trust, a nonprofit that provides affordable housing opportunities in the city. The 30-year veteran of the real estate industry most recently worked at Paragon Construction Consulting in Newport Beach. He also did a lot of work in the mid-Atlantic states where partnered with Atlanta Housing Authority, Dekalb County Housing Authority and multiple other housing authorities and development authorities. ICLT has developed five properties, providing 475 affordable housing units in Irvine.
Charlie Woo has been named president of Santa Ana-based Fidelity Bancorp Funding Inc.’s private lending group, Fidelity Bridge Loans LLC. Responsible for expanding the company’s bridge lending division, Woo brings 27 years of real estate finance experience to the firm. He most recently served as vice chairman in Wells Fargo’s corporate & investment banking division.
Real estate firm expands to Orange
Anaheim Hills resident Jeff Nauta is expanding his firm, United Real Estate Group, to Orange.
Nauta founded the firm in 2006. He specializes in commercial real estate but is adding the residential market to his portfolio.
Address: 2811 E. Katella Ave., Suite 100
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at firstname.lastname@example.org. Please allow at least a week for publication. All items are subject to editing for clarity and length.