MLK Real Estate Capital has arranged $26.5 million in bridge financing for Irvine-based Shopoff Realty Investments and Argosy Real Estate Partners on their acquisition of a 20.5-acre property in Anaheim for redevelopment into residential uses. The property consists of two industrial-zoned parcels. The corporate seller has been retained as a tenant and will lease the property for the next 15 months. The plan is to convert the industrial site for residential development. The property at 901 E. South St. in the Anaheim Colony is within walking distance of the Anaheim Packing District.
CBRE Group has finalized the sale of HFT Professional Building in Placentia to a local private buyer for roughly $2.6 million. CBRE’s Peter Andrich, Rick Warner, Tom Abel and Matt Osborn represented the seller, Orange County Transportation Authority, and JLL’s Geoff DeWolf represented the buyer. The property at 1150 East Orangethorpe Ave. is a 16,760-square-foot, multitenant office building. Office vacancy is projected to remain flat throughout 2017 with a slight increase projected to occur at the end of the year, according to CBRE Econometric Advisors. The average asking lease rate was up 8.8 percent year-over-year in the fourth quarter, and CBRE EA predicts it will continue its upward trajectory into 2017.
The $250 million venture by Irvine-based The Bascom Group, with funds managed by Oaktree Capital Management, has acquired La Entrada Apartments, a 186-unit community in Tucson. ACORE Capital provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith, and Annie Rice of CBRE. The onsite property management will be overseen by Arizona-based Morrison, Ekre & Bart Management Services (MEB).
Ware Malcomb, an Irvine-based design firm, has broken ground on the Upland Industrial Centre, a three-building, 4.74-acre industrial development at 1037 West 9th St. in Upland. Ware Malcomb provided architecture and civil engineering design…