Irvine-based J+R Group recently sold the 143,269-square-foot mid-rise office tower in Irvine for $37.6 million to Pacific Tree Capital in Dana Point.
The building, named 2525 Main St. after its address, was nearly full with nine tenants at the time of the sale, according to Cushman & Wakefield, which represented J+R.
Before the sale, the building on nearly 4 acres underwent upgrades to its common areas and offices. J+R Group also added a six-story parking garage, and got residential entitlements on its excess land.
The company last year proposed converting another Irvine office tower into residential units, according to the OC Business Journal.
“The exceptional common areas focused on tenant amenities along with the future use optionality on the flex portion of the site make for a rare and very attractive investment opportunity in the premier submarket of Orange County,” said Jeffrey Cole, executive vice chairman at Cushman.
Chemical distributor leases in Brea
A specialty chemical distributor recently leased 4,571 square feet at Brea Place.
IMCD US, a subsidiary of IMCD Group, leased Suite 570 at 135 S. State College Blvd., a six-story mid-rise building near Brea Mall.
NAI Capital Commercial represented IMCD US and the landlord, Hines.
Based in Cleveland, Ohio, IMCD US has locations in La Mirada and Oakland, offering coast-to-coast distribution.
New lending brokerage in Newport Beach
Three real estate finance veterans recently formed CrownPoint Partners, a lending brokerage and advisory firm.
Formerly with Graystone Capital Advisors, the trio of Julius Swolsky, Shannon Bona, and Don Bingham recently opened bi-coastal headquarters with offices in Newport Beach and West Palm Beach, Florida. Bona will lead the Florida office.
The firm also hired Suramya Miller to run operations.
Their specialities include commercial properties in retail, industrial, office, medical and special-purpose sectors.
For more information, call 949-386-6162 or email suramya@crownpoint.co.
On the move
Shalon Hopkins recently was named senior vice president of Accounting and Finance at Pacifica Hotels in Aliso Viejo. She brings 20 years of experience, the company said, and will oversee Pacifica Hotels’ cash flow management, financial reporting and compliance strategies. Previously, Hopkins was chief financial officer at Quorum Hotels & Resorts and before that was CFO at at Pacific Hospitality Group.
Michael Freed recently joined the Saywitz Co. in Newport Beach as the firm’s director of maintenance and construction. The Corona resident has 25 years of experience in the field, including head of construction for Sunrise Senior Living. He also was supervisor of maintenance and construction for the San Bernardino County Housing Authority and its portfolio of multifamily properties. At Saywitz, Freed will oversee a division that includes maintenance, turnovers, acquisitions, renovations, tenant improvements and construction management.
James deRegt recently joined SRS Real Estate Partners as senior vice president in the firm’s Newport Beach office. Previously with Lee & Associates, he has 30 years of industry experience in industrial brokerage and investments in Orange, San Bernardino and Riverside Counties. Also joining SRS is Nick Krakower as a senior vice president and RJ Dumke as associate. Krakower specializes in acquisition, disposition and leasing of industrial properties in the Orange County, Inland Empire and mid-counties markets.
Jon Mitchell and Xavier Hendricks recently joined Kidder Mathews in Irvine as senior vice president and senior associate, respectively. Mitchell, with 29 years of experience in multifamily sales, previously he led a multifamily team at Cushman & Wakefield and spent 24 years at Marcus & Millichap in Orange County. With six years of experience, Hendricks specializes in multifamily investments across Orange County and San Diego County.
Milestones
Tim Jemal, the chief executive officer of NAIOP SoCal, was named the Commercial Real Estate Man of the Year for 2025 by Cal State Fullerton’s College of Business and Economics Center for Real Estate.
Jemal was named CEO of the industry group in 2020 and has since helped expand membership 60% to more than 1,300 members. The group also said revenue under Jemal have increased 68%.
“When I became NAIOP SoCal’s first-ever CEO my goal was to elevate the organization to be the leading voice for commercial real estate in Southern California,” he said in a statement. “It is very humbling to have such an incredible university like Cal State Fullerton honor my work.”
Under his leadership NAIOP SoCal also launched the Orange County version of the popular Commercial Real Estate Challenge that pits graduate students from two universities in a contest to see who can redevelop a commercial site in the most innovative and useful way. The Orange County challenge includes Chapman University and UCI who vie for the Orange Cup. Last year the teams dug into possible options for the Laguna Niguel Ziggurat. UCI won the Orange Cup.
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.
