KB Home is converting a former office complex in northeast Anaheim into 83 townhomes.
Land Advisors Organization, which represented the property seller, said Sunkist Townhomes will sprout from the 4-acre property at 2420 and 2450 East Lincoln Ave. at the intersection of Sunkist Street.
KB Home is building a three-story complex that will include attached garages and 24,852 square feet of recreation space with a tot lot, barbeques, seating areas, a dog park and community garden.
KB Home, which bought the land from Albert & Sons Real Estate I LLC, expects to break ground later this year.
A two-building, 42,697-square-foot office property in Newport Beach has been sold to a residential developer for $20.4 million, according to the seller, Buchanan Street Partners. (Courtesy of Buchanan Street Partners)
Newport Beach offices sold to housing developer
Let’s call this one a Newport Beach trifecta with yet more office space yielding to housing.
Newport Beach-based Buchanan Street Partners sold a two-building, 42,697-square-foot office property in Newport Beach to an unidentified Newport Beach real estate firm for $20.4 million.
RELATED: New bill aims to convert California’s offices into housing
The buyer was “a residential developer,” Buchanan reps said, though they offered no further details on plans for the property at 1400 and 1420 Bristol Street North.
“We were in the process of implementing the adaptive reuse of the buildings when we entered into negotiations with a residential developer,” said Matt Haugen at Buchanan Street Partners. “Based upon the property’s flexible zoning, we were able to accelerate our investment realization through a sale …”
Buchanan bought the campus in 2020 for $11.5 million. The 45-year-old buildings were just 22% leased at the time of the sale.
Goddard School has signed a longterm lease for property on the north side of Tustin’s District Legacy community. The school should open this fall. (Courtesy of NAI Capital Commercial)
Goddard School signs 75-year lease in Tustin
A Goddard School is coming to the north side of Tustin’s District Legacy community.
PJRJPA Venture LLC signed a 75-year ground lease with South Orange County Community College District for 1.44 acres. The transaction is worth $27.3 million, according to NAI Capital Commercial, which represented the landlord.
PJRJPA Venture is building the preschool and childcare facility at the Advanced Technology and Education Park in the Tustin Legacy area.
The school will span 14,400 square feet and include outdoor play areas and parking lot. The school should open this fall.
Newport Beach-based Alere Property Group bought this 17.42 acres of industrial land in Fontana for $39 million. (Courtesy of NAI Capital Commercial)
Alere in Newport Beach buys Fontana land for $39 million
Alere Property Group in Newport Beach bought 17.42 acres of industrial land in Fontana for $39 million, according to NAI Capital Commercial.
The property at 13592 Slover Ave. is entitled for two, Class A warehouse-distribution buildings totaling 350,000 square feet. Alere plans to build out the complex in 2024 and offer the buildings for lease, according to NAI.
“Demand for quality industrial distribution facilities and industrial land remains strong, which in turn has sustained values for both Class-A bulk distribution facilities and land,” said Richard Lee at NAI. “Rental rates, sales prices and land values continue to be solid.”
Mat Gates has been appointed president of Erickson-Hall Construction Co. The company is transitioning to an Employee Stock Ownership Plan. (Courtesy of Erickson-Hall Construction Co.)
Erikson-Hall promotes Gates as company transitions to ESOP
Mat Gates has been appointed president of Erickson-Hall Construction Co. The company says he has experience working on complex projects across Southern California. His appointment, the company said, comes at a pivotal time as it transitions to an Employee Stock Ownership Plan. Gates joined Erickson-Hall in 2004, and has risen from project manager to president.
“This team absolutely deserves to benefit from the hard work they put in every day to ensure Erickson-Hall’s success as employee-owners,” Gates said in a statement.
Jon Moyer has joined Irvine-based Bendetti as director of acquisitions, a new position for the industrial real estate firm. (Courtesy of Bendetti)
Bendetti hires director of acquisitions
Jon Moyer has joined Irvine-based Bendetti as director of acquisitions, a new position for the industrial real estate firm.
Moyer will be tasked with generating and evaluating investment opportunities.
Previously, he was vice president of acquisitions for CREDE where he directed land acquisitions and due diligence for industrial and multifamily real estate developments in Arizona, Hawaii, Nevada, Texas and Utah.
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 sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
