An A-frame rental store on Harbor Boulevard in Costa Mesa sold for $ 4.2 million and will soon become a marijuana dispensary.
Irvine-based NAI Capital Commerical represented the seller of the building, Red-E-Rentals, at 2075 Harbor Blvd. The buyer has not been identified by the brokerage house.
The 3,993-square-foot store near The Triangle mall is in the city’s âgreen zoneâ for cannabis, according to NAI. The store sells tools and equipment and stocks up on propane tanks.
Costa Mesa in August 2021 began accepting applications for cannabis stores after voters in November 2020 approved a measure allowing marijuana stores, also known as dispensaries, in the city.
Steve Liu and Andrew Batcheller of NAI’s Retail Services Group also represented the unidentified buyer.
âWe listed the property for $ 3.7 million and it sold for $ 4.2 million, indicating the huge interest in this asset,â said Andrew Batcheller. “The buyer has applied for a conditional cannabis use permit with the intention of opening a dispensary on the site.”
Waterford exceeds 4,000 units purchased in 2021
Newport Beach-based Waterford Property Co. continues to expand its workforce housing portfolio, this time adding three apartment complexes in San Diego County.
The latest acquisitions of 313 units for $ 157 million, all purchased from Lyon Living in Newport Beach, bring the company’s total in 2021 to 15 communities purchased for a combined $ 2.34 billion.
After acquiring the apartments as part of a partnership with the California Statewide Community Development Authority, Waterford took on the role of property administrator and began reducing rental rates for new tenants who earn between 80% and 120% of the region’s median income.
Rent for apartments at the three Escondido complexes is on average $ 2,800 per month, which will drop to $ 2,459 under the Workforce Housing Program.
In total, Waterford says it has converted 4,014 apartments in Southern California to workforce housing by 2021. The program targets healthcare workers, service professionals and first responders, many of whom are in the workforce. struggling with the high cost of living in areas close to their workplace.
Average rents during the pandemic soared 16% in Orange and Los Angeles counties and 21% in Inland Income, according to Apartment List.
âWhen we take a look at the portfolio of critical housing that we have built over the past year, we can see how powerful this program can be in making housing affordable for the missing middle demographic,â said Sean Rawson, co-founder of Waterford. “The timing of this critical housing program is critical as it delivers immediate savings at a time when market-rate rents across the state continue to rise.” “
The list of Waterford acquisitions in 2021 includes:
Parallel: 386 units in Anaheim for 156 million dollars;
The Jefferson Platinum Triangle: 400 units in Anaheim for $ 160 million;
Oceanaire: 216 units in Long Beach for $ 120 million;
Altana: 507 units at Glendale for $ 300 million;
Westgate Residences: 340 units in Pasadena for $ 237 million;
The Hudson: 173 units in Pasadena for $ 98.1 million;
Cameo: 262 units in Orange for 149 million dollars;
Garrison: 94 units in Orange for $ 57 million;
Theo: 105 units in Pasadena for $ 67 million;
1818: 265 units in Anaheim for $ 127.2 million;
777 Place: 472 units in Pomona for 149.4 million dollars;
Westgate Apartments: 480 units in Pasadena for 280 million dollars
Rowan: 126 units in Escondido for $ 65.6 million
Alcove: 112 units in Escondido for $ 55 million;
Haven76: 76 units in Escondido for $ 36.4 million.
AV’s medical center sells to IRA
IRA Capital, an Irvine-based private equity firm, purchased the 34,500 square foot Aliso Viejo Medical Plaza on undisclosed terms.
The building at 15 Mareblu is leased to 15 medical tenants, including the HOAG Orthopedic Institute, which signed a new 15-year lease for the 11,500 square foot ground floor. The institute plans to build a surgical center that includes five operating rooms, according to IRA Capital.
The IRA in a press release said it will update the exterior and interior, with a completion date set at 2022.
In early December, IRA Capital purchased the fully leased Irvine office campus from Anduril Industries for $ 103 million from LBA Realty.
Buchanan buys more storage units
Newport Beach-based Buchanan Street Partners purchased a new three-story air-conditioned self-storage facility in Vista for $ 34 million.
The 112,000 square foot building in northern San Diego County includes 1,200 self-storage units and 50 RV parking spaces.
Buchanan purchased the property in an off-market transaction from Chicago Capital Funds, which developed the property and operates the facility under its U-Stor-It brand.
The transaction marks the second self-storage facility in the San Diego area acquired by Buchanan in 2021.
Bascom buys apartments in Florida
The Bascom Group in Irvine bought a 320-unit apartment community in Orlando, Florida for $ 68.5 million or $ 214,063 per unit.
Enclave at Lake Ellenor was acquired through a partnership with Duff Bedrosian and Leste Group of East Hill Capital, a Miami-based investment manager. Enclave is the second property that Bascom purchases under this partnership.
Bascom said it plans to renovate the complex, update its exteriors and add equipment. Interior upgrades will include new appliances, counters, a backsplash, cabinetry, plumbing and light fixtures. The clubhouse, fitness center and pool areas will also be given a makeover.
Real estate transactions, leases and new projects, industry hires, new businesses and upcoming events are compiled from press releases from editor Karen Levin. Email high-resolution articles and photos to Business Editor Samantha Gowen at [email protected] Please allow at least a week for publication. All elements are subject to change for clarity and length.