A five-member graduate student team from UCLA claimed the silver shovel this year as the winner of a commercial real estate contest hosted by NAIOP.
The NAIOP SoCal USC vs. UCLA Real Estate Challenge was held Nov. 16 at USC. The contest included five-member graduate student teams from the Ziman Center of Real Estate at UCLA’s Anderson School of Business and the Lusk Center at USC’s Marshall School of Business and Price School of Public Policy.
The contest challenges each team to conceive the best use for a parcel of land in Southern California.
Ironically, the 2023 challenge focused on the south blimp hangar (No. 2) at Tustin’s former Marine Corps Air Station. The north hangar (No. 1) burned to the ground in a fire that started early on Nov. 7.
Also see: What happens next with the burned-out Tustin blimp hangar?
The south hangar sits on 60.24 acres, just a fraction of the 1,606-acre base, much of which has been redeveloped into the community called Tustin Legacy.
UCLA’s five-member team that won the 2023 Silver Shovel included Max Capogrosso, Briana Rayhaun, Rob Schrader, Sam Sherman and John Sullivan. (Photo courtesy of NAIOP SoCal)
UCLA’s winning proposal was called Legacy Ranch and offered up a mixed-use development that included an “architectural park” serving as a cultural hub. The park would be surrounded by a variety of housing for “all age groups and income brackets.”
The UCLA team included Max Capogrosso, Briana Rayhaun, Rob Schrader, Sam Sherman and John Sullivan. The USC team includeD Daniel Brunelle, Maxwell Erickson, Daniel Ling, Sarah McDowell and Terence Tao.
NAIOP is a commercial real estate development association with 1,200 members in Southern California.
2 apartment complexes in north OC snare $7.61 million
Two more small apartment complexes in north Orange County have traded hands in two separate sales for a combined $7.61 million.
CBRE negotiated the sales for both buyers.
In the first transaction, a 65-year-old, 16-unit property at 1801 & 1809 East Wilshire Ave. in Fullerton sold for $4.2 million, or $262,500 per unit.
The buyer was not disclosed by CBRE, but documents show AWF Property LLC in Porter Ranch bought the complex on Nov. 11. Built in 1958, it was the first time in 40 years the property changed owners, CBRE brokers noted.
In the second transaction, a 60-year-old, eight-unit property at 7012 & 7024 El Dorado Drive in Buena Park sold for $3.41 million, or $426,719 per unit.
The investor names involved in the sale were not disclosed by CBRE, but the brokerage did note the buyer was executing a tax-deferred exchange. Property docs show two family trusts were involved in the transaction.
“The sale of 7012 & 7024 El Dorado Drive, consisting of two side-by-side fourplexes, stands out as the only multifamily property (four units or larger) sold in Buena Park this year,” said Amanda Fielder at CBRE.
The two four-plexes completed in 1960 span 6,874 square feet and include a mix of two-bedroom/one-bath and two-bedroom/two-bath apartments. CBRE said most of the units have been renovated.
The second part of 2023 has seen a flurry of small apartment sales, many of them tax-deferred exchanges. In early October, CBRE negotiated two sales for small apartment complexes nearly 60 years old in Anaheim. Both sold to different buyers for a combined $5.5 million. Also in October, a 16-unit apartment complex in Anaheim sold for $4.2 million, according to Cushman & Wakefield.
In late summer, a 12-unit apartment complex with a retail space in Costa Mesa sold for $3.2 million. The brokerage said it has closed at least seven multifamily property sales in Costa Mesa in the past 18 months. Another 12-unit complex, negotiated by Morgan Skenderian Investment Real Estate Group, sold in Costa Mesa for $5.75 million.
DZYNE Technologies is building a new manufacturing and R&D facility in Irvine. The defense contractor builds unmanned drones and aircraft. (Photo courtesy of DZYNE)
Defense contractor DZYNE expanding in Irvine
Department of Defense contractor DZYNE Technologies is developing a 125,000 square foot facility in Irvine that will help the Virginia-based company expand its hub of engineers, researchers and manufacturing personnel in Orange County.
The company makes drones and unmanned aircraft, or in defense vernacular, uncrewed autonomous systems, for the DoD and international customers.
DZYNE, which has offices in Irvine and Foothill Ranch, did not share the exact address of its new Irvine base but said it would host a grand opening in the New Year.
Industry people on the move
Kirk Brummer and Eric Shain have joined Kidder Mathews’ office in Irvine. The team specializes in retail properties such as anchored shopping centers, strip centers and single-tenant properties in the Western U.S. Brummer joins the firm as a senior vice president, and Shain as a vice president. Previously, both were at CBRE in Newport Beach.
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.
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