Marcus & Millichap has brokered the sale of Seagate Plaza, a 30,234-square-foot shopping center in Huntington Beach for $10.8 million.
Marcus & Millichap has brokered the sale of Seagate Plaza, a 30,234-square-foot shopping center in Huntington Beach for $10.8 million. Joseph Lising in Marcus & Millichap’s Newport Beach office represented the 1031-exchange buyer, Cathy Investments LLC. The seller is Asbury Properties, a Los Angeles-area family-owned real estate company. Built in 1975, the property is on the corner of Bolsa Chica Road and Edinger Avenue at 16107 Bolsa Chica St. The center is anchored by Carl’s Jr. Major tenants include Seagate Veterinary Hospital, Classic Cleaners, Seagate Liquor & Grocery, Subway, and Coastline Dental.
MetroGroup Realty Finance, a commercial mortgage banking firm based in Newport Beach, has secured $3.9 million in permanent acquisition financing for Orangewood Business Plaza, a three-building industrial park in Orange. The financing was arranged by MetroGroup’s J. D. Blashaw and Ivan Kustic. The 49,880-square-foot business park near Angel Stadium of Anaheim consists of one office building and two flex/industrial buildings. MetroGroup was able to secure $3.9 million in financing, which was 46 percent of the purchase price. MetroGroup secured the five-year, fixed-rate loan at a rate of 4.6 percent. The buildings are at 1717 and 1745 West Orangewood and 571 North Poplar St. Jim Hawkins and Phil Fridd of Lee & Associates represented both the buyer, Betty L. Davies Family Limited Partnership, and the seller, Orangewood Business Plaza LLC.
Scott Hook of CBC Advisors in Irvine has arranged the sale of the Shops at Stater Bros, a multi-tenant retail strip center, for $3.8 million. The 14,575-square-foot retail strip center is on Tustin Avenue in Orange. Scott Hook, executive vice president of Coldwell Banker Commercial Advisors, represented the seller. An unidentified local buyer acquired the property.
Cushman & Wakefield has brokered the sale of Bridgegate Plaza, a 135,000-square-foot office building in Diamond Bar. Terms were not disclosed. The buyer was Great Far East (GFE) . Jeffrey Cole and Ed Hernandez of Cushman & Wakefield’s Irvine office, in collaboration with John Bibeau and Steven Saunders of CBRE, represented the seller. Located at 1440 Bridgegate Plaza Drive and constructed in 2002, the three-story building was 78 percent leased at the time of sale. Tenants include QTC and Insperity.
Colony American Finance, with an office in Irvine, has been acquired by being acquired by Fortress Funds managed by affiliates of Fortress Investment Group. Terms of the transactions were not disclosed. Fortress Funds will rebrand the CAF operating platform as CoreVest American Finance Lender LLC. Beth OBrien, CEO of CAF is now CEO of CoreVest, a finance company that provides a range of debt products to residential real estate investors. Founded in 2014 as Colony American Finance, the company in a statement said it has financed over 20,000 properties and closed over $2.8 billion in loans.
Kelly Teenor has joined design firm Ware Malcomb in Irvine as director of marketing. Teenor will manage Ware Malcomb’s corporate marketing team, which supports all of the firm’s 22 offices throughout North America. She has held senior marketing roles at national and local engineering firms, as well as both marketing and communications positions at manufacturing and distribution companies.
The real estate briefs are compiled by contributing writer Karen Levin and edited by Business Editor Samantha Gowen. Submit items to sgowen@scng.com. High-resolution photos are recommended. Allow at least one week for publication. Items are subject to editing for length and clarity.
