Garden Grove 24-unit apartment complex sells for $8 million – Orange County Register

The 24-unit Chapman Villa Apartments in Garden Grove sold for $8.15 million or $339,500 per unit, according to Marcus & Millichap.

The 19,345 square foot complex at 7692-7732 Chapman Ave. features two-bedroom apartments spread over four adjacent buildings.

Greg Bassirpou at M&M represents sellers and buyers, identified only as local limited liability companies.

“This property is located in a desirable area, next to a quiet residential area and the seller was able to maximize value through a comprehensive exterior and interior renovation,” he said.

Buyers completed a 1031 exchange to acquire the complex, a “turnkey property that offers good cash flow and good expected rent growth,” Bassirpou said.

Bascom buys Northridge complex for $52.5 million

Bascom Group in Irvine acquired a two-property, 140-unit apartment complex in Northridge for $52.5 million or $375,000 per unit.

The hotels, NMS Northridge and NMS Superior, are mostly 2 and 3 bedroom apartments. Bascom says each has its own two-car garage or two structured parking spaces.

Los Al complex attracts long-term tenants

Apex Innovative Sciences, the operator of the clinical trial site, signed a 12.5-year lease of 30,962 square feet at Los Alamitos Medical Center.

The financial terms of the lease were not disclosed.

Sonya Dopp-Grech, Steven Lewallen and Ryan Dopp of CBRE represent the homeowner, Welltower, a real estate investment fund specializing in medical real estate.

Three-story facility at 3771 Katella Ave. located on medical grounds that include Tenet Healthcare, Coast Urological Medical Group and Retina Consultants.

Chipotle estate sold for $8.2 million

A multi-tenant retail store anchored by Chipotle at Foothill Ranch Town Center has sold for $8.2 million, according to Hanley Investment Group Real Estate Advisors.

The larger retail center is anchored by Walmart Supercenter and Target and also includes 99 Cents Only, Hobby Lobby, JOANN, Michaels, Old Navy, PetSmart, and Regal Cinemas.

Hanley Investment Group represents the seller, Thomas English Real Estate in Indianapolis, Indiana. Buyer is identified only as an investor from Glendale and is represented by Jack Nersesian at DAUM Commercial Real Estate Services.

The 6,873 square foot building is at 26592 Towne Center Drive on nearly 1 acre and also includes Firehouse Subs and Guidepost Montessori. The hotel was built in 2004 and renovated in 2020.

NB Company opens Chino Hills center for $19 million

VantageOne Real Estate Investments in Newport Beach sold two retail properties in Chino Hills for a total of $19 million.

Chino Hills Grand Plaza, a 12,948-square-foot retail building at 3410 Grand Ave., sold for $11.42 million to an unspecified Burbank investor. The center’s tenants include First Citizens Bank, Pacific Dental Services, Boba Time and Pick Up Stix.

Gateway Village, a 14,771-square-foot, two-tenant retail building in the nearby docked Sprouts shopping center, sold for $7.64 million to an unidentified Santa Clarita investor. The tenants are Dunn-Edwards and Sit ‘n Sleep.

Hanley Investment Group brokered transactions on behalf of VantageOne.

“Investor demand for well-located, multi-tenant retail properties has been at unprecedented levels in the second half of 2021,” said Bill Asher, executive vice president at Hanley. We have created a variety of competitive and qualified offers on both Chino Hills Grand Plaza and Gateway Village, and have guaranteed two separate buyers of 1031 floors based in Southern California at 100% of the asking price for both properties.”

Both retail centers are located across from Grand Avenue from The Shoppes in Chino Hills, one of the busiest shopping malls in the city.

CapRock expands to Texas

Newport Beach-based CapRock Partners has opened an office in Texas.

The Dallas-Fort Worth team will be led by CapRock’s co-founder and president, Jon Pharris. The company said it is looking for industrial real estate investment opportunities as well as sites for large-scale logistics developments throughout Texas.

Pharris maintains his current title and role at an industrial real estate investment and management company.

“Dallas/Fort Worth Metroplex is an important logistics hub for North America and CapRock is excited to officially establish a presence here,” Pharris said. “As we integrate into the DFW industrial real estate market, CapRock is looking to build a strong local team to execute on our development and investment strategies.”

Leadership Change at Faris Lee

Jeff Conover, Don MacLellan and Shaun Riley have been promoted to principals at Faris Lee Investments, an Irvine-based retail real estate consulting firm.

The promotion comes as the company’s CEO Rick Chichester retires. He will stay with the company until January 31.

Conover, Don MacLellan and Shaun Riley, all longtime Faris executives, will focus on team collaboration, mentorship and talent development with plans to implement a heavy-duty recruitment and outsourcing initiative. gender at all levels.

“As we emerge from the pandemic, this is the perfect juncture for new leadership to take over the business,” MacLellan said.

Good job

Employees of KBS, a commercial real estate investment firm based in Newport Beach, recently participated in a volunteer event to build 18 bikes for Crittenton Services for Children and Families in Fullerton. The behavioral health and child welfare nonprofit has served the most vulnerable children, youth and their families involved in the system.

Real estate transactions, rentals and new projects, industry rentals, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Email entries and high-resolution photos to Business Editor Samantha Gowen at sgowen@scng.com. Please wait at least a week for publication. All entries can be edited for clarity and length.