Saturday, April 1, 2023

Real estate news: Newport Beach firm sells inland warehouse for $83.4 million

Newport Beach-based Stream Realty Partners has sold an industrial warehouse in Bloomington for $83.4 million. The buyer was BentleyGreenOak.

The deal closed on April 19 and the sale price was verified by Vizda, a commercial real estate data company.

Stream purchased the 8-acre parcel in 2019 and built a 175,000-square-foot warehouse on the site, which was completed in October 2021. Mike Kendall brokered the sale at Colliers International Western Region.

Scott Sovanik, Stream’s Managing Director of Industrial, said, “The Elder Commerce Center has been able to leverage Stream’s fully integrated platform – development, construction management, investment management and asset management – ​​to deliver successful opportunities for our customers and partners. A great example of being.” Development Services Western Division.

The Elder Center Warehouse includes a 32-inch apparent height, 21 dock-high loading doors, two drive-in doors, a 180-foot secure truck court, and both ground floor and mezzanine office space.

According to CBRE’s Q1 2022 report, fewer vacancies for big-box facilities have pushed the inland empire to the No. 1 spot for industrial rent growth, which is 60% in a year.

The inventory squeeze coupled with record demand, CBRE said, led to rents taking down to $1.23 per square foot in the first quarter, up 74.6% year over year. “The biggest rental gains occurred in the Inland Empire West, where rents increased 83.6% year-on-year,” CBRE said in an April report.

CBRE said that over 25 million square feet of big box development is underway in the two-county area. One of the biggest developments is taking shape in Ontario where Prologis is building a 4 million square foot distribution and automation center for Amazon.

2 Industrial Deals In North OC Rake About $20 Million

Brokers of Lee & Associates Orange have sold two industrial buildings in northern Orange County for a combined $19.6 million.

In Anaheim, 1331 n. A 17,859-square-foot freestanding building in Blue Gum St. sold for $7.1 million. The buyer and seller were not identified by the brokerage.

Greg Diab, Jack Haley and Hudson Hankins represented the seller.

According to Mark Hintergaard, who represents the seller, a 27,734-square-foot building in Bray at 760 Challenger St. for $12.5 million, about 20% more than the asking price.

Pasco buys more apartments in Louisiana

Irvine-based Pasco Cos has purchased two luxury apartment complexes in Louisiana with a combined 602 units.

Terms were not disclosed.

Canal 1535, a 330-unit luxury high-rise in historic downtown New Orleans, was the firm’s first acquisition in the city.

Sawgrass Point, a 272-unit property in Gonzales’ Baton Rouge submarket, is the third purchase for Pasco in that metro area.

The Louisiana sale brings Pasco’s multifamily holdings in the state to 1,690 units. The firm has $3.7 billion in assets under management in the US

Newpoint snatches two execs from M&T Realty

NewPoint Real Estate Capital has appointed Sean Huntsman as Senior Managing Director of Senior Housing Originations and Katherine Stewart as Managing Director and Leadership for NewPoint’s Seniors Housing Agency Platform.

Both will be located in the company’s Irvine office.

The firm said the team will target expansion into the Fannie Mae and Freddie Mac Seniors housing space, in addition to working on financing options for properties.

Huntsman was previously executive managing director at M&T Realty Capital Corp., where he developed the bank’s West Coast Healthcare Lending Group.

Stewart joined Newpoint from M&T Realty Capital Corp., where she was a senior vice president, specializing in Fannie Mae and Freddie Mac loan products.

Newpoint specializes in real estate finance for investors of multifamily, affordable housing, senior citizens housing, health care and manufactured housing properties across the country.

Real estate transactions, leasing and new projects, hiring in the industry, new ventures and upcoming events are compiled from press releases by contributing author Karen Levine. Submit items and high-resolution photos to Business Editor Samantha Gowen via email at [email protected] Please allow at least one week for publication. All items are subject to editing for clarity and length.

Nation World News Desk
Nation World News Desk
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