NGKF Capital Markets has completed the $30 million sale of Oakbrook Plaza, a 119,927-square-foot multitenant Class A office building in Laguna Hills. The building was 79 percent leased by 28 tenants at the close of escrow and is located directly off I-5. Paul Jones, Kevin Shannon, Robert Griffith and Blake Bokosky of NGKF Capital Markets represented the seller, Lincoln Advisory Group, an affiliate of Lincoln Property Co., on behalf of a public pension fund. The buyer, an affiliate of New York-based Angelo Gordon & Co., represented itself.
A joint venture between Dolphin Partners of Irvine, Bixby Bridge Capital of Northbrook, Ill., and Quantum Capital of Phoenix has closed on an 11,000-acre master-planned community in Buckeye, Ariz. The sale was for a reported $80 million, which represents the largest land purchase in the area since the housing market downturn of 2008, according to a statement by the companies. Kevin Pitts, president of Dolphin Partners, said the master-planned community, called Tartesso, will have more than 41,000 homes at full buildout. The sellers wereStardust Holdings and a related charitable foundation. Stardust Holdings and its affiliated foundation were represented by Nathan & Associates of Scottsdale.
Faris Lee Investments, a retail advisory and investment sales firm in Irvine, has completed the $13.69 million sale of a property, also in Irvine. The property consists of two, single-tenant restaurant buildings that are leased to Mimi’s Café and Islands. The sale marks the highest price per square foot of $1,088 and lowest cap rate of 3.56 percent over the past five years for a multitenant retail property sold in excess of $10 million in Orange County, according to CoStar records. Jeff Conover, senior managing director with Faris Lee, represented the seller, Irvine-based VR Irvine Pad. The buyer, Wesco Properties, was represented by Tony Dorn of Beitler Commercial Realty Services in Irvine.
Coldwell Banker Commercial Advisors Orange County completed the $3.545 million sale of the Orange Plaza retail strip center in Long Beach to a private, all-cash buyer. Daniel Tyner and Scott Hook represented the seller in this transaction.
The Orange office of Lee & Associates has closed a $525,465 lease deal for 5,296 square feet of office space at 300 S. Harbor Blvd. The Bank of America Tower of Anaheim is nearing 80 percent occupancy as modernizing renovations get underway. The tower, a 121,835-square-foot, 10-story office building in downtown Anaheim, will feature an outdoor courtyard seating/collaboration area, free Wi-Fi, on-site management and 24-hour security. The team of Marshal Vogt, Jonmark Fabiano, Erik Thompson and Jaimeson Hearne represented the landlord,KF Properties, in the lease to Onward Engineering and Axsun.
PEOPLE IN REAL ESTATE
Camille Renshaw has been hired as head of the Institutional Group atTen-X, , the parent company of Auction.com. She will be based in the company’s New York office. Renshaw’s arrival at Ten-X is the latest in a series of executive additions to the company’s commercial real estate division. Last month, real estate executive Eric Paulsen joined the company as a senior vice president for business development; he was followed by marketing executive Maureen Waters, who assumed the role of chief marketing officer for the division.
Westar Associates, a real estate development and management company in Costa Mesa, has donated $5,000 to the Orange County Fire Authority Department Benevolent Association. Westar also recently donated $10,000 to the Orange County Sheriff’s Department. The company has developed and acquired 55 properties totaling more than 5.6 million square feet, valued in excess of $1.2 billion.