An A-frame rental store on Harbor Boulevard in Costa Mesa has sold for $4.2 million and soon will become a marijuana dispensary.
Irvine-based NAI Capital Commerical represented the building’s seller, Red-E-Rentals, at 2075 Harbor Blvd. The buyer was not identified by the brokerage.
The 3,993-square-foot shop near The Triangle shopping center is in the city’s cannabis ‘Green Zone‘, according to NAI. The store sells tools and equipment and refills propane tanks.
Steve Liu and Andrew Batcheller with NAI’s Retail Services Group also represented the unidentified buyer.
“We had the property listed for $3.7 million and it sold for $4.2 million, indicating the tremendous interest in this asset,” said Andrew Batcheller. “The buyer has applied for a cannabis conditional use permit with plans to open a dispensary on the site.”
Waterford tops 4,000 units bought in 2021
Newport Beach-based Waterford Property Co. continues to add to its workforce housing portfolio, this time adding three apartment complexes in San Diego County.
The latest acquisitions of 313 units for $157 million, all bought from Lyon Living in Newport Beach, bring the firm’s 2021 total to 15 communities purchased for a combined $2.34 billion.
After acquiring the apartments in a partnership with California Statewide Community Development Authority, Waterford assumed the role of property administrator and began reducing rental rates for new tenants who earn between 80% and 120% of the area median income.
Apartment rent in the three Escondido complexes average $2,800 monthly, which will drop to $2,459 under the workforce housing program.
All told, Waterford says it has converted 4,014 apartment units across Southern California into workforce housing in 2021. The program targets healthcare workers, service professionals and first responders, many of whom struggle with the high cost of living in areas near their workplaces.
Average rents during the pandemic have soared 16% in Orange County and Los Angeles County and 21% in the Inland Income, according to Apartment List.
“When we look at the essential housing portfolio we’ve built this past year, we can see how powerful this program can be in bringing housing affordability to the missing middle demographic,” said Sean Rawson, co-founder at Waterford. “The timing of this essential housing program is critical, as it provides 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;
The Jefferson Platinum Triangle: 400 units in Anaheim for $160 million;
Oceanaire: 216 units in Long Beach for $120 million;
Altana: 507 units in Glendale for $300 million;
Residences at Westgate: 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;
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;
Westgate Apartments: 480 units in Pasadena for $280 million
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.
Medical plaza in AV sells to IRA
Irvine-based IRA Capital, a private equity firm, has bought the 34,500-square-foot Aliso Viejo Medical Plaza for undisclosed terms.
The building at 15 Mareblu is leased to 15 medical tenants, including HOAG Orthopedic Institute, which has signed a new, 15-year lease for the 11,500-square-foot ground floor. The institute plans to build a surgery center including five operating rooms, according to IRA Capital.
IRA in a press release said it will update the exterior and interior, with a completion date set for 2022.
In early December, IRA Capital bought the fully leased Irvine office campus of Anduril Industries for $103 million from LBA Realty.
Buchanan buys more storage units
Newport Beach-based Buchanan Street Partners has bought a new, three-story, climate-controlled 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 is managing the facility under its brand U-Stor-It.
The transaction marks the second San Diego area self-storage facility acquired by Buchanan in 2021.
Bascom buys apartments in Florida
The Bascom Group in Irvine has bought a 320-unit apartment community in Orlando, Fla., for $68.5 million or $214,063 per unit.
Enclave at Lake Ellenor was acquired through a partnership with East Hill Capital’s Duff Bedrosian and Leste Group, a Miami-based investment manager. Enclave is the second property Bascom has bought in this partnership.
Bascom said it plans to renovate the complex, updating its exteriors and adding amenities. Interior improvements will include new appliances, countertops, backsplash, cabinetry work, plumbing and light fixtures. The clubhouse, fitness center and pool areas all will get makeovers, too.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at firstname.lastname@example.org. Please allow at least a week for publication. All items are subject to editing for clarity and length.