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A large logistics complex occupied by FedEx in Costa Mesa has been sold for $33.4 million.
The 112,000-square-feet property was bought by Santa Monica-based investment firm BLT Enterprises Inc. and sold by San Diego-based Sovereign Capital Management Group Inc.
FedEx will remain in the building until 2028. Colliers’ Institutional Investment Services Group – Western Region negotiated the sale and lease extension for FedEx.
“This transaction underscores institutional investor demand for urban, in-fill logistics properties, which has grown in lock-step with online consumer buying,” said Rick Putnam, managing director of Colliers’ Institutional Investment Services Group – Western Region, in a statement. “As FedEx and other logistics firms are pressed by retailers to guarantee next-day, or even same-day, deliveries, the interest from institutional investors and capital market financing firms has never been higher for urban in-fill properties. The problem is there are very few available now and that has pressed logistics firms like never before.”
The property, at 1650 Sunflower Ave. near the SoCo retail center, has drive-in/out capability and specialty conveyor and sorting equipment.
The building was built in 1976 and re-purposed in 2008. FedEx has been in the building for almost 10 years. It agreed to extend its occupancy for another 10 years in exchange for paying a slightly lower lease rate.
Transactions & leases
CBRE Group has brokered the sale of an industrial property in Anaheim for $12.2 million. CBRE’s Gary Stache, Anthony DeLorenzo, and Doug Mack represented the seller, Makena Properties. The buyer, an unidentified private owner, was represented by an outside broker. The 81,836-square-feet building at 5065 East Hunter Ave. is 100 percent leased to Discount Dance Supply, a dancewear retailer.
Lee & Associates in Orange has completed several leases totaling roughly 55,000 square feet with an overall value of $3.91 million. Recent lease transactions include:
–5662 Research Drive in Huntington Beach; $1,289,763; leased to Kaden Consultants, Inc.
–10242 Norwalk Blvd. in Sante Fe Springs; $595,833; leased to Innophilia Inc.
–1580 S. Lewis St. in Anaheim; $646,805; leased to Quality Connections Living Services Inc.
–14771 Plaza Drive, Unit E in Tustin; $49,980; leased to Michael Wheeler.
–9310 Norwalk Blvd. in Sante Fe Springs; $819,260;.leased to California Specialty Painting.
–300 S. Harbor Blvd., Unit 316 in Anaheim; $142,296; leased to XO Communications.
–1717 W. Orangethorpe Ave., Units B, C & G in Orange; $75,826; leased to Julian Charter School, Andy Frain Security Service and National Guardian Network.
–1745 W. Orangethorpe Ave., Units 212 & 214 in Orange; $82,533; leased to Hillman Environmental and Nicholas D’Errico.
–17821 E. 17th St., Units 150 & 170 in Tustin; $212,587; leased to Ta & Koby Bober and Reconnect Ministries.
CBRE Capital Markets’ debt and structured finance team has arranged a $29 million loan on behalf of Crown Acquisitions for the purchase of Fullerton University Village, a student housing community in Fullerton. The borrower plans to renovate the property and create a more dynamic living environment. Fullerton University Village at 2000 Oxford Ave. is across the street from the Cal State Fullerton. The property was built in 1972 and underwent various renovations in 1998, 2001 and 2012. The garden-style project occupies 3.98 acres and consists of eight, two and three story buildings with two studio units, six two-bedroom and 92 three-bedroom apartments. The overall average unit size is 906 square feet.
Savills Studley has signed a long-term lease for a full floor, or 17,675 square feet, at 520 Newport Center Drive in Newport Beach. The firm will occupy the building’s eighth floor, the last available space in the office tower, as of September. The relocation will combine Savills Studley two existing offices at 19100 Von Karman Avenue in Irvine and 610 Newport Center Drive in Newport Beach. The Newport Beach location was the former home of Cresa Orange County which was acquired by Savills Studley in February.
Albertini, a manufacturer of Italian windows and doors, has opened a new showroom at 1575 Corporate Drive, Suite 150, in Costa Mesa. The bank vault-like showroom features window and door collections in floating glass displays. Hours are 8 a.m. to 5 p.m. Monday-Thursday and 8 a.m. to 2 p.m. on Fridays.
Brandywine Homes has broken ground on Corsica, a 1.66-acre community with 17 two-story townhomes at 8572 Stanton Avenue in Buena Park. The property is slated to open for sale in the fall. The community will feature 1,842- to 2,135-square-foot, three- to four-bedroom townhomes with state-of-the-art design and communication and networking systems. Corsica is located near Knott’s Berry Farm, the Buena Park downtown shopping district, Ralph B. Clark Regional Park and major employers including Prologis, Leach and Access Business Group.
People in real estate
Joshua Ruiz has been promoted to the position of project manager in the Irvine office of Fuscoe Engineering. Ruiz’s skills are being put to use at the Heritage Village mixed-use project in Santa Ana. His past project work includes South Cove mixed-use project in Dana Point, La Mirage Apartments in San Diego, Los Olivos Apartments in Irvine and the award-winning Tongva Park and Ken Genser Square project in Santa Monica.
Dean Krieger has joined Kidder Mathews’ Inland Empire office as a senior vice president. He will specialize in tenant representation, with an emphasis on industrial users, throughout the Inland Empire and Orange County. Krieger has been in the commercial real estate business for over 30 years. Before joining Kidder Mathews, Krieger was with Cresa Corporate Real Estate and before that he was a partner for seventeen years with Lee & Associates in their Irvine, California and Reno, Nevada offices.
The Orange County Small Business Development Center, an economic development program of Rancho Santiago Community College District, will host a business-oriented workshop July 26: The Secrets to Successfully Leasing Space: Stuff the Landlord Hopes You Don’t Know. The free seminar is from 6-7:30 p.m. at Rancho Santiago Community College District 2323 N. Broadway, Room 107, Santa Ana.
The real estate briefs are compiled by contributing writer Karen Levin and edited by Business Editor Samantha Gowen. Submit items to firstname.lastname@example.org. High-resolution photos are recommended. Allow at least one week for publication. Items are subject to editing for length and clarity.