Lake Forest office campus sold to Prologis for $96 million – Orange County Register

Pacific Vista, a 322,262 square foot Grade A office space on 24 acres in Lake Forest, was sold to Prologis Inc. for $96 million, according to Cushman & Wakefield.

The campus has five two-story office buildings for seven long-term tenants, Cushman & Wakefield said.

The seller has not been identified by the broker. Representatives said Prologis plans to continue operating the property as an office project.

Jason Ward of Cushman & Wakefield represents the buyer and John Harty of Cushman & Wakefield with assistance from Jeffrey Cole, Nico Napolitano and Ed Hernandez also represents the seller.

A 39,796 square foot medical office complex in Hemet has sold for $5.56 million. (Courtesy of Progressive Real Estate Partners)

Newport Beach investor sells Hemet complex sold for 5.56 million USD

According to Progressive Real Estate Partners, an undisclosed Newport Beach investor sold a 39,796-square-foot medical office complex in Hemet for $5.56 million.

Buyers Courtyard Medical & Professional Center at 910-960 N. State St. identified only as a foreign investor represented by CBD Investments.

Built in 1981, the all-inclusive rental complex has generated 13 qualified offers, according to Greg Bedell at Progressive.

Bedell said the deal reinforces “the continued recovery in demand we are experiencing for SoCal’s Inland Empire multi-tenant commercial properties.”

Three new retail properties at the Monterey Crossing shopping center in Palm Desert have sold for a total of $15.7 million in three separate transactions. The three sales included a new tenant pad for Chick-fil-A to rent. (Helped by Hanley Investment Group Real Estate Advisor)

NB sells 3 Palm Desert pads retail for $15.7 million

Fountainhead Development of Newport Beach sold three new retail properties at the Monterey Crossing shopping center in Palm Desert for a total of $15.7 million in three separate transactions, according to Hanley Investment Group Real Estate Advisors.

Hanley represented Fountainhead in all three deals.

The transactions include two new spacers leased to Chick-fil-A and Quick Quack Car Wash, along with a spacer for two tenants leased by AT&T and Spectrum.

Other national brand tenants at the mall include Costco, Home Depot, Kohl’s, Sam’s Club, Walmart, 99 Cents Only, Ashley HomeStore, JOANN Fabrics and Crafts, PetSmart and Regal Cinemas.

“In 2022, we anticipate more developers and mall owners looking to implement a discount strategy to capitalize on high demand for single- and multi-tenant retail. Rent at premium rates,” said Bill Asher, executive vice president, president at Hanley.

Five Point Holdings has appointed former Irvine Co. executive Daniel Hedigan as its new chief executive officer, effective immediately. (Courtesy of Five Point Holdings)

Five Point taps former Irvine Co executives. as its CEO

In case you missed Friday’s front page news, Irvine-based Five Point Holdings has appointed a new CEO. four months after founder Emile Haddad was demoted to an advisory role.

Daniel Hedigan, who spent 10 years on the executive team of Irvine Co., took up the role immediately, according to a Five Point statement released Wednesday, Feb.

Stuart Miller, executive chairman of Lennar, Five Point’s largest stakeholder, said: “He will deliver an excellent balance of management skills and experience, with a focus on defining the right opportunity. structure our costs to match the size and scale of our business.”

The announcement limits a series of leadership changes at the Irvine-based developer. Last August, Five Point announced Haddad would move into a senior advisor position. The company promoted its chief operating officer, Lynn Jochim, to president. Wednesday’s announcement said Jochim would step down from his two roles but remain as an adviser for three years.

At the end of January, Chief Financial Officer Erik Higgins resigned but said he would stay at Five Point to complete the legal filings, which are due this spring. The company has appointed Leo Kij, the company’s controller, as interim Chief Financial Officer.

Five Point on Thursday declined to comment on leadership changes beyond its prepared statement.

Brea Engineering Company acquired by Long Beach Company

Power Engineering Services Inc., an electrical engineering company based in Brea, was acquired by P2S Inc. acquired by Long Beach.

Terms of the agreement were not disclosed by both companies.

P2S is also a provider of engineering and construction management services to institutional, industrial and commercial clients.

In a statement, the companies said PES will continue to provide its customers with the same services, along with P2S support and its technical services.

“Participating in P2S allows us to scale and accelerate the design, service, and implementation of projects for our clients with much enhanced bench power and specialty resources,” said President. PES Barbara Effenberger said. “Joining P2S is the ultimate partnership.”

Oren Hillel is the new director of development at Waterford Property Co. in Newport Beach. (Courtesy of Waterford Property Co.)


Oren Hillel is the new director of development at Waterford Property Co. in Newport Beach. Hillel will oversee the company’s real estate development including built projects, in both the affordable and marketable housing categories. Previously, he worked at Greystar, a real estate developer and manager, with over $50 billion in assets under management.


Stephanie Young Group is partnering with the American Red Cross to organize a blood transfusion from 10:30 a.m. to 5 p.m. Friday, March 18 at Highland Park in Irvine.

Photo ID is required to contribute. Appointments can be scheduled online at with sponsor code SYG or by phone at 1-800-733-2767. To check your eligibility to donate blood, call the Red Cross Blood Donor Support Center at 1-866-236-3276.

Address: 12205 Dreamcatcher

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 Please wait at least a week for publication. All entries can be edited for clarity and length. Lake Forest office campus sold to Prologis for $96 million – Orange County Register

Huynh Nguyen

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