An 11-unit townhome community in Costa Mesa has sold for $9 million or $818,000 per unit, according to CBRE.

The two-building complex, which is roughly 3 miles from the coastline, was sold to Monighetti Trust.

Built in 1988, the small community at 607 Hamilton St. includes four-bedroom townhomes, each with 1,632 square feet, four bathrooms and a two-car garage on the ground floor.

Dan Blackwell and Mike O’Neill of CBRE represented the buyer in the sale.

“The CBRE team sourced the ‘up-leg’ property for the buyer’s 1031-exchange and arranged the debt and the 30-day close,” said Blackwell. “The buyer acquired a unique property with condo-quality units in the westside of Costa Mesa. This truly is a pride-of-ownership asset that hadn’t been up for sale since it was built.”

The median price for all types of homes in Orange County rose to $985,000 in February. The median condo price hit $720,000, a 21% increase in a year.

Two companies have extended or launched leases at an industrial building at 4850 & 4852 E. La Palma Ave. in Anaheim. (Courtesy of CBRE)

New leases for industrial space in Anaheim

Architectural Surfaces Group and Phelps United have leased a combined 97,116 square feet of industrial space in Anaheim, according to CBRE.

CBRE’s Sean Ward and Ben Seybold represented the landlord, Richard Goodman, in the lease transactions. Financial terms were not disclosed.

Architectural Surfaces Group, which distributes and imports natural, engineered stone and other related products, renewed its existing lease for 42,146 square feet for seven years and also expanded into the adjacent unit, adding 9,597 square feet for the same period. The company’s leased space now tops 52,000 square feet.

Phelps United, a Costa Mesa-based software company, signed a new lease for the remaining space at the adjacent unit at 4852 E. La Palma Avenue, occupying 44,983 square feet.

The buildings at 4850 & 4852 E. La Palma Ave. sit on 4.6 acres.

Donahue Schriber Realty Group owns a number of retail properties across Orange County, including Laguna Niguel Plaza. (Courtesy of DSRG)

Retail property group acquired by Maryland-based investors

Donahue Schriber Realty Group in Costa Mesa has been acquired by a Maryland-based real estate investment trust.

An affiliate of First Washington Realty acquired DSRG for undisclosed terms. The deal was advised by J.P. Morgan Global Alternatives.

First Washington said its offices would expand to include the DSRG offices in Orange County, San Diego, Portland and Sacramento. The combined company will be led by the First Washington executives.

First Washington owns and operates convenience and other retail properties. DSRG owns a number of retail properties across California and Orange County, including Fountain Valley Promenade, the Brea Marketplace, Aliso Pacific Plaza in Aliso Viejo and Laguna Niguel Plaza.

“We are thrilled to purchase these grocery-anchored centers and to hire terrific new colleagues, which, together with our existing portfolio and people, will create the leading private, open-air retail platform in the United States,” said Alex Nyhan, CEO of First Washington Realty. “Our combined portfolio will offer the highest quality real estate to retail tenants in the U.S. open air sector.”

Leadership change at MBK Rental Living

Irvine-based MBK Rental Living President Craig Jones has retired from the company, succeeded by Ken McCarren, the firm’s former vice president of asset management.

The company said Jones helped developed MBK’s apartment investment strategy, sourcing and acquiring land for the company and coordinating the design of upcoming communities. He also oversaw operations and asset management of MBK’s apartment portfolio.

McCarren will be responsible for leading MBK Rental Living’s acquisition, sales, construction, asset management, planning and market research. He joined the company in 2020.

In the last year, the company has made significant moves in the multifamily sector. In November 2021, MBK sold a new apartment complex it developed in Menifee for $156 million or $472,727 per unit, to MG Properties Group in San Diego. Artesa at Menifee Towne Center, which debuted in February 2020, has 330 units.

In January, MBK said it had bought 5.25 acres at 1600 W. Lincoln Ave. in Anaheim where it will build a five-story, 315-unit luxury apartment complex called Zia.

In mid-2021, MBK and R.D. Olson Construction started work on Esperanza at Duarte Station, a 344-unit five-story apartment community in Duarte.

Mark Schultz is the new chief financial officer at Irvine-based Shopoff Realty. (Courtesy of Shopoff Realty)

New CFO for Shopoff in Irvine

Mark Schultz has joined Irvine-based Shopoff Realty as its chief financial officer, replacing Ed Morrell.

Related Articles

With 35 years of experience in commercial real estate finance, he is responsible for the administrative, financial, and risk management operations of the firm.

Previously, Schultz was CFO of the Picerne Group, Hopkins Real Estate Group in Orange County, as well as The Broe Group in Denver. He also acted as chief operating officer and CFO for Sower Capital in Omaha.

Shopoff said Morrell will remain with the firm but as its senior financial adviser.

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 [email protected]. Please allow at least a week for publication. All items are subject to editing for clarity and length.