The apartment complex now called Vercanta Newport Beach has undergone a yearlong, multimillion renovation on the 147-unit, two-story complex.
The work was done by Los Angeles-based Nadel Architecture + Planning.
Formerly Palm Mesa Apartments, the complex at 1561 Mesa Drive was gutted to the studs and rebuilt. The overhaul added new appliances, cabinetry, new windows and updated balconies and railings.
The roofs were all redone in addition to new lighting and exterior upgrades to help the complex compete with other luxury apartments in Newport Beach, according to the firm.
The smaller pool was enlarged and improved along with other outdoor amenities.
“Given the new-age tenant demand for sleek, high-end, and community-oriented amenities, our team implemented a 2,500-square-foot gym that provides a light-filled, airy place to work out, as well as a new pool, pool deck, barbecue area, and dog park,” said Patrick Winters, the architecture firm’s president and principal.
The rent at Vercanta ranges from $2,371 for a one-bedroom, one-bath, 517-square-foot unit up to $3,206 for a two-bedroom, one-bath, 869-square-foot apartment, according to Apartments.com.
Irvine-based Guthrie Development Co. has acquired Pacific Tustin Commercenter in Tustin for $19.7 million. The firm bought the buildings and land from two different sellers, according to CEO Rob Guthrie. (Courtesy of Guthrie Development Co.)
Tustin center sells to Guthrie Development for nearly $20M
Irvine-based Guthrie Development Co. has acquired Pacific Tustin Commercenter in Tustin for $19.7 million.
The firm bought the buildings and land from two different sellers, according to CEO Rob Guthrie.
“We negotiated the purchase of the buildings at an attractive price because they were subject to long-term ground lease,” he said. “Simultaneously, we negotiated an off-market purchase of the land at one-third of its market value.”
The Class-A, 69,930-square-foot industrial and retail business park on Edinger Avenue was combined after the transaction.
The property includes two multi-tenant industrial buildings and Citrus Café on the corner of the property. The industrial buildings are fully occupied under long lease terms. A corner unit lease is being restructured, according to Guthrie.
“We are working with the city of Tustin to subdivide the retail corner from the industrial buildings,” Guthrie said. “We negotiated a buyout of the restaurant with eight years remaining on their lease. As a result, we will be able to increase the rental income by 350% by leasing to a tenant.”
Chuck Wilson and Brian Chastain of Colliers International represented Guthrie Development.
Pavers company expands to Arizona
Santa Ana-based System Pavers, an outdoor living design and installation company, is expanding to Arizona with the opening of an office in Tempe.
Sam Leisman will lead expansion efforts in Phoenix and greater Arizona. Over the next five years, He plans to hire more than 100 employees across metro Phoenix suburbs Chandler, Gilbert, Glendale, Mesa and Scottsdale.
New hires at Saywitz
Newport Beach-based The Saywitz Co. has added two new staff members.
Tammy Sanford recently joined the firm to assist operations, customer and brokerage support networks. She has 25 years of administrative support experience in the industry.
The company also hired Adriana Nunez to assist with accounting, bookkeeping and financial reporting for its operations and portfolio. She has 20 years of related experience.
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.
