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An 8-acre property in Santa Ana with 210 apartment units, a gas station and a karate gym sold in early summer for $43 million. The parcels sold included address: 1221 Beechwood St., 2320-2340 N. Grand Ave., and 1220 E. Santa Clara Ave. (Photo courtesy of Triqor Group)
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An 8-acre property in Santa Ana with 210 apartment units, a gas station and a karate gym sold in early summer for $43 million. The parcels sold included address: 1221 Beechwood St., 2320-2340 N. Grand Ave., and 1220 E. Santa Clara Ave. (Photo courtesy of Triqor Group)
An 8-acre property in Santa Ana with 210 apartment units, a gas station and a karate gym sold in early summer for $43 million.
The transaction was brokered by Chris Keramati, Justin Schneider and Gustavo Fimbres at Triqor Group in Newport Beach. Team Keramati represented the family trust that owned the property, which carried a ground lease dating to 1965.
The deal closed in early June, with the property split between two buyers, one a Newport Beach investor who bought the 210 apartment units and the karate studio, and another who bought the gas station.
The addresses include 1221 Beechwood St., 2320-2340 N. Grand Ave. and 1220 E. Santa Clara Ave.
Representatives with Triqor said the new owner of the 210 apartments plans to invest in upgrades to the units and property.
The 60-year-old property, once an orange grove, comes with an interesting provenance. Bought by a family in 1965, the owner opted to sign a ground lease with a property developer who built the apartments.
That ground lease was due to expire in May, which motivated the family trust to sell the property. It listed in late 2024 and sold six months later after several potential buyers considered the site, according to Team Keramati..
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A 22-unit apartment property in Eastside Costa Mesa sold July 2 for $9.57 million or $434,845 per unit. (Photo courtesy of CBRE)
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A 22-unit apartment property in Eastside Costa Mesa sold July 2 for $9.57 million or $434,845 per unit. (Photo courtesy of CBRE)
Costa Mesa apartment complex sells for $9.6 million
A 22-unit apartment property in Eastside Costa Mesa sold July 2 for $9.57 million or $434,845 per unit, according to CBRE.
It was the first time in 25 years that the property at 313 and 325 East 17th Place traded hands.
CBRE represented the buyer, an unidentified investor in Fountain Valley. The seller also was not identified by the brokerage.
“This asset checks all the boxes for today’s multifamily investor,” said Mike O’Neill at CBRE. “Its location off 17th Street, one of Eastside Costa Mesa’s most sought-after rental corridors, offers walkable access to local retail and dining, with convenient proximity to Newport Beach, Fashion Island, South Coast Plaza, and major freeways.”
The 64-year-old, two-story garden-style complex includes six one-bedroom units and 16 two-bedroom units in two parcels totalling 18,355 square feet. The nearly half-acre property features central courtyards, eight single-car garages and 10 surface parking spaces.
Industrial leases in Rancho Mission Viejo
Two industrial leases were signed recently at Los Patrones Business Park in Rancho Mission Viejo, according to JLL.
The leases at 28600-28650 Airoso St. include JH Wall Paints, which signed a lease for 3,620 square feet, and Precision Aerial Services Inc., which claimed 2,030 square feet.
JH Wall Paints, a lime wash paint company, will use the space for ecommerce distribution and administration functions. Precision Aerial Services, a crane and aerial equipment service provider, will use the space for equipment storage.
JLL represented the landlord, Los Patrones Business Park Partners II LLC.
“We continue to see strong demand at multi-tenant industrial facilities in Orange County and throughout Southern California,” said Kris Smith, a vice president at JLL. “Both companies were attracted to Los Patrones Business Park because of its strategic location, secured facility and availability for immediate occupancy.”
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Cypress West Partners in Rancho Santa Margarita and TPG Angelo Gordon recently acquired La Cholla Medical Plaza in Tucson, seen here. The property includes two medical outpatient buildings totaling 68,000 square feet. (Photo courtesy of Cypress West Partners)
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Cypress West Partners in Rancho Santa Margarita and TPG Angelo Gordon recently acquired La Cholla Medical Plaza in Tucson, seen here. The property includes two medical outpatient buildings totaling 68,000 square feet. (Photo courtesy of Cypress West Partners)
Medical buildings acquired
Cypress West Partners in Rancho Santa Margarita and TPG Angelo Gordon recently acquired two medical outpatient buildings Tucson and a medical outpatient building in Las Vegas.
The latest acquisitions include:
—La Cholla Medical Plaza in Tucson: two medical outpatient buildings totaling 68,000 square feet.
—MacFarlane Medical Center in Las Vegas: a three-story, 39,279-square-foot multi-tenant medical outpatient building.
Last year, Cypress West and TPG Angelo Gordon formed a joint venture to acquire medical office assets in the Sunbelt and West Coast markets.
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Mark Damiani joined CBRE’s National Retail Partners team in Orange County as an executive vice president working on institutional retail sales. (Photo courtesy of CBRE)
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Mark Damiani joined CBRE’s National Retail Partners team in Orange County as an executive vice president working on institutional retail sales. (Photo courtesy of CBRE)
On the move
Mark Damiani recently joined CBRE’s National Retail Partners team in Orange County as an executive vice president working on institutional retail sales. He has nearly two decades of experience in commercial real estate transactions in the Western U.S. Damiani previously was a managing director at Eastdil Secured.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com . Please allow at least a week for publication. All items are subject to editing for clarity and length.
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