A Class A industrial warehouse will take the place of a longstanding office building at the Irvine Business Complex.
North Palisade Partners, an LA-based industrial development firm, has acquired Palisade Red Hill from Warmington Capital Partners for $11 million.
The firm will demolish the 36,500-square-foot office building at 18011 Mitchell St., replacing it with a 48,000-square-foot infill warehouse.
“The useful life of office buildings is typically 40 years or less, so this asset has run its course,” said Topside Real Estate’s Rob Rader, who brokered the deal. “A significant deal driver is the fact that the market is experiencing robust demand for state-of-the-art versatile industrial facilities that feature high clear heights.”
NPP said the project, costing an estimated $24 million, should be complete by early 2025.
North Palisade Partners’ Joe Mishurda said the site eventually will accommodate “a local manufacturing or logistics user.”
The property, built in 1978, has had a longtime tenant for three decades, the firm said.
The Foothill Ridge Apartment Homes complex in Upland, has been sold by an Orange County investment firm for $82 million or $353,448 per unit. (Virtual tour image from Foothill Ridge Apartments)
Laguna Niguel firm sells Inland apartments for $82M
The Foothill Ridge Apartment Homes complex, a sprawling, 29-building complex in Upland, has been sold by an Orange County investment firm for $82 million or $353,448 per unit.
The seller was an LLC traced to Virtú Investments in Laguna Niguel, according to Vizzda, a commercial real estate data provider. The buyer was a trio of LLCs that are connected to Clear Capital, a multifamily investment firm with offices in Irvine and Los Angeles.
The 232-unit complex formerly known as Aspire Upland Apartments was built nearly 50 years ago on 8 acres. The apartment mix across the two-story buildings in 167,512 square feet includes 152 one-bedroom units, 48 two-bed-one-bath units, and 32 two-bed-two-bath units.
The deal closed on June 14.
The Amazon Fresh-anchored retail center Fullerton Town Center has been bought by World Premier Investments in Irvine. (Courtesy of NewMark Merrill)
Fullerton retail center sold to Irvine firm
The Amazon Fresh-anchored retail center Fullerton Town Center has been bought by World Premier Investments in Irvine.
Terms were not disclosed by NewMark Merrill, which is the property manager for the site.
The center, at the intersection of Harbor Boulevard and Orangethorpe Avenue, also includes Ross Dress for Less, Five Below and a WSS shoe store. Costco is adjacent to Town Center.
Bill Eveloff, former president of Petra Integrated Construction Strategies in La Palma, is the new team leader for Cushman & Wakefield’s expanding healthcare project management services team. (Courtesy of Cushman & Wakefield)
Expansion for Cushman & Wakefield
Cushman & Wakefield is expanding its healthcare project management services, adding an eight-member project management team it acquired after buying assets from Petra Integrated Construction Strategies in La Palma. The team will operate from Cushman’s Irvine office.
Leading the team will be Bill Eveloff, Petra’s former president.
New advisory board for BKM
Newport Beach-based BKM Capital Partners has created its first advisory board made up of industry leaders including Paul Dolinoy.
The former head of Equitable Real Estate Institutional Advisors and a founding member of GMAC/Capmark Real Estate Advisors, Dolinoy will serve as the chairman of the board. Dolinoy, who has been an adviser to BKM Capital Partners since the firm’s inception, will be joined by members Nicki Livanos and Rodney Johnson.
BKM focuses on multiuse logistics and light industrial properties in the Western U.S. Its portfolio includes a combined 45 properties totaling 8.2 million square feet worth an estimated $1.7 billion.
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.