Guthrie Development Co., an Irvine-based property investment and management firm, has sold 63 industrial units at three properties in Orange County for a combined $ 61.5 million.
The buyers have not been identified by the firm.
Guthrie said he updated each property significantly before returning them, according to a statement.
âThe industry sector as a whole is thriving, and the Orange County market in particular has seen increased demand in recent months,â said Rob Guthrie, president of Guthrie Development Co.
The three properties include the 45-unit Raymer business center in Fullerton, with units sold to individual buyers for a combined $ 30 million. The company purchased the property at 2003-2007 Raymer Ave. in January 2021 for $ 20 million.
During his ownership, Guthrie improved the buildings and common areas.
Tom Terry and Brenden Hefner of Voit Real Estate Services represented Guthrie Development as a seller.
Guthrie sold a 12-unit industrial property at 1375 Logan Ave. in Costa Mesa for a combined amount of $ 12.5 million.
Steve Wagner, Zach Niles, Xavier Nolasco and Brendan Brady with JLL represented Guthrie.
The company also sold six individual units in a 47,212 square foot industrial complex at 18-38 Thomas in Irvine for a total of $ 19 million. Chris Bates and Jeff Carr with CBRE represented Guthrie.
RD Olson begins work on a hotel in La Quinta
Irvine-based RD Olson Construction has started work on Talus La Quinta, a luxury resort in the Coachella Valley developed by The Robert Green Co.
The complex will include two-brand hotels, a conference center, a golf club and a spa. Two hotels, a luxury brand with 134 rooms and a lifestyle brand with 200 rooms, will be next to 29 single-family homes and 55 condominiums.
RD Olson has begun the first phase of construction, which includes a $ 90 million construction of the luxury hotel’s common areas, including a full-service spa and landscaping, in addition to a golf club and a conference center.
The first phase is expected to be completed in May 2023. The second phase, which will begin in mid-2022, will build the second lifestyle hotel.
The Mariners building gets a makeover
Newport Beach-based Burnham-Ward Properties recently purchased the Mariners Medical Arts building at 1901 Westcliff Drive in Newport Beach.
The terms were not disclosed.
The historic building was designed by architect Richard Neutra in the early 1960s.
Burnham-Ward Properties has announced plans to restore the mid-century building with work starting in 2022.
âIt is exciting to lead the preservation of this historically significant building located in our backyard,â said Scott Burnham, CEO of Burnham-Ward Properties. âIt’s rare for such opportunities to arise, so we know how important our building stewardship is to the community,â said Burnham. âOur thoughtful restoration approach will honor the architectural significance and character of the building.
Irvine’s Business Spends $ 46 Million on NC Complex
Irvine-based Community Preservation Partners, an affordable housing preservation company, has purchased its first community in Raleigh, North Carolina.
Chandler Ridge Apartments, a 228-unit complex, has 700 residents.
The company said it is investing $ 46.3 million to renovate and secure affordable rents for an additional 30 years for tenants earning 60% of the region’s median income or less.
Construction began in November and is expected to be completed by December 2022.
New Brunswick company buys near Boise
RanchHarbor, a Newport Beach-based real estate investment company, has acquired the 112-unit Glenbrook Apartments near Boise, Idaho.
The terms were not disclosed.
RanchHarbor purchased the property in an off-market transaction from a private seller. The company said it was starting renovations to update the 1970s property.
New Brunswick company sells Menifee lots to builder
IHP Capital Partners, based in Newport Beach, has sold the last 261 lots of single family homes from the Braverde community in Menifee to Richmond American Homes.
The deal is the homebuilder’s second acquisition within Braverde, which will include 511 new homes of varying sizes and architectural styles.
IHP and its assembled development team titled and developed the Braverde residential lots and remaining infrastructure after acquiring the 170-acre property in 2019 in unimproved condition. The infrastructure improvements are on track to be completed by the first quarter of 2022.
Richmond American plans to begin Phase 2 home construction and offer its first sales in the first quarter of 2022. House sizes and prices are expected to be in line with Phase 1. The public builder has acquired Phase 1 in fourth quarter 2020 and now actively sells three product lines. named Liberty, Seasons Elevated and Seasons Ranch. Home sizes in these communities range from 1,410 square feet to 3,040 square feet with a base price of $ 492,990 to $ 598,990.
People in real estate
Belinda Oakes is the new CFO of Irvine-based Community Preservation Partners, an affordable housing preservation developer. She will lead the controller function and oversee accounting functions while participating in the oversight of home acquisition and re-syndication activities. Oakes previously spent 19 years at Highridge Costa Companies in a variety of roles, most recently as Vice President Accounting and Tax.
Chris Porter is the new CFO of Landsea Homes Corp, based in Newport Beach. Porter has 30 years of finance experience in the public and private sectors of commercial real estate, senior housing, defense contracts and the banking / financial sectors. In this new role, he will handle all of the home builder’s financial matters.
Casey Lesher, agent in the Coldwell Banker Realty office in Newport Beach, sponsors the 42nd Annual Corona del Mar Christmas Walk from 11 a.m. to 4 p.m. on Sunday, December 5 at the Bandera parking lot in Corona del Mar.
This year’s event at 3201 Highway 1 will benefit the US Marines Toys for Tots program.
The event will include live entertainment with 17 local bands, Santa Claus tours and snapshots, beer and wine gardens, vendor gifts, children’s activities as well as merchant and restaurant promotions. .
For more information, visit www.cdmchamber.com/events/42nd-annual-corona-del-mar-christmas-walk/.
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.