MLK Real Estate Capital has arranged $26.5 million in bridge financing for Irvine-based Shopoff Realty Investments and Argosy Real Estate Partners on their acquisition of a 20.5-acre property in Anaheim for redevelopment into residential uses. The property consists of two industrial-zoned parcels. The corporate seller has been retained as a tenant and will lease the property for the next 15 months. The plan is to convert the industrial site for residential development. The property at 901 E. South St. in the Anaheim Colony is within walking distance of the Anaheim Packing District.
CBRE Group has finalized the sale of HFT Professional Building in Placentia to a local private buyer for roughly $2.6 million. CBRE’s Peter Andrich, Rick Warner, Tom Abel and Matt Osborn represented the seller, Orange County Transportation Authority, and JLL’s Geoff DeWolf represented the buyer. The property at 1150 East Orangethorpe Ave. is a 16,760-square-foot, multitenant office building. Office vacancy is projected to remain flat throughout 2017 with a slight increase projected to occur at the end of the year, according to CBRE Econometric Advisors. The average asking lease rate was up 8.8 percent year-over-year in the fourth quarter, and CBRE EA predicts it will continue its upward trajectory into 2017.
The $250 million venture by Irvine-based The Bascom Group, with funds managed by Oaktree Capital Management, has acquired La Entrada Apartments, a 186-unit community in Tucson. ACORE Capital provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith, and Annie Rice of CBRE. The onsite property management will be overseen by Arizona-based Morrison, Ekre & Bart Management Services (MEB).
New ventures
Ware Malcomb, an Irvine-based design firm, has broken ground on the Upland Industrial Centre, a three-building, 4.74-acre industrial development at 1037 West 9th St. in Upland. Ware Malcomb provided architecture and civil engineering design services for the project, which is expected to be completed and ready for occupancy in June 2017. PAMA Management Inc. is the development manager for the investment client, Upland Industrial Centre. The 88,338-square-foot light industrial business park will feature three buildings.
Kidder Mathews has acquired Costa Mesa-based Alden Management Group. Terms of the deal were not disclosed. Alden is a commercial property management firm with a portfolio of office, industrial, and retail properties throughout the Southern California market. Alden Management will be re-branded to Kidder Mathews in the coming weeks. Some 17 members of the Alden staff will be relocating to Kidder Mathews’ Irvine office, bringing Kidder Mathews’ property management division to 178 people. The firm eventually will move to a larger office in Jamboree Center, shifting from 2 Park Plaza to 1 Park Plaza by summer. Andrew Zimbaldi, president and founder of Alden, will serve as the firm’s senior vice president and will continue to lead property management operations for Kidder Mathews in the region.
People in Real Estate
Jeff Fischer has been named president of Irvine-based MBK Real Estate Cos’ MBK Senior Living division. Fischer has held various leadership roles within the senior living industry. Most recently, he served as the executive vice president at Steadfast Cos.
Brigitte Ataya has been named to the board for the Orange County Chapter of the National Association of Hispanic Real Estate Professionals (NAHREP). Ataya will serve a one-year term as events director for the organization. Ataya is the SVP regional manager for Tustin-based New American Funding.
Paul Maddison has been appointed general manager of AC Hotel Irvine, the first AC Hotels by Marriott property in Southern California. AC Hotel Irvine is scheduled to open for business in spring 2017. It’s a new-build development at Park Place, a 105-acre mixed-use master development. In his new role, Maddison will oversee the hotel’s pre-opening development and day-to-day operations. He most recently served as director of operations at PHG’s 376-room Wyndham Anaheim Garden Grove in Garden Grove.
Good works
Orange County based HomeAid America, a building industry charity and one of the nation’s largest builders of housing for the homeless, reports Irvine-based TRI Pointe Group will continue as a corporate partner and national sponsor in 2017. TRI Pointe is a family of six regional homebuilders and one of the largest public homebuilders in the U.S. It also partnered with HomeAid Orange County to prepare 200 sack lunches to distribute to the homeless at the Santa Ana Civic Center. They also prepared 200 hygiene kits and employee-donated clothes that went to Isaiah House, a woman’s homeless shelter in Santa Ana. TRI Pointe also is a corporate partner of HomeAid Inland Empire.
Coming up
The California Lodging Investment Conference (CLIC) will be held from 9:30 a.m. to 6:30 p.m. March 9 at the Hilton Irvine/Orange County Airport, 18800 MacArthur Blvd., Irvine. CLIC focuses exclusively on the California Hotel market. For registration information, go to cliconference.com/registration.
Commercial Real Estate Women, Orange County (CREW-OC) will host its sixth Annual SPIRE Awards ceremony Wednesday, March 29. The event will be held at The Samueli Theater, 600 Town Center Drive, Costa Mesa. Call 714-556-2122 for more information. For reservations, crewocspireawards.com.
The real estate briefs are compiled by contributing writer Karen Levin and edited by Samantha Gowen, business editor at the Register. Send related items to sgowen@scng.com. Allow one week for publication. High-resolution photos also can be submitted.
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