Real estate news: Industrial property in Orange flips, selling for $13.5 million
MCA Realty in Santa Ana made a tidy profit in barely two years, selling Struck Business Park in Orange for $13.5 million.
The firm bought the two-building industrial park for $9.45 million in August 2021.
The property at 1523 and 1547 West Struck Ave. was fully leased at the time of the sale, according to MCA.
“Through our value-add business plan, we were able to increase rents materially across the rent roll which in turn increased the value of the property,” said Tyler Mattox, a principal at MCA Realty.
He said MCA upgraded the exterior with paint, asphalt, fencing, landscaping and monument signage. Interior improvements also were also made.
Voit Real Estate Services represented MCA Realty and the unidentified buyer.
Birtcher gets OK for Fontana logistics center
Newport Beach-based Birtcher Development, an industrial real estate development firm, has secured entitlements for the 330,048-square-foot Birtcher Logistics Center in Fontana.
Construction is expected to be completed in early 2024, the firm said.
The distribution facility at the southwest corner of Banana and Santa Ana avenues will have about 10,000 square feet of office space, a truck court and 85 trailer parking stalls.
MBK, Core5 partner on Inland Empire warehouse
More development news from the Inland Empire as MBK Industrial Properties in Irvine partners with Core5 Industrial Partners in Atlanta to build Arrow Business Center, a Class A industrial building, in Rancho Cucamonga.
The 49,291-square-foot warehouse facility should be completed by September 2023.
“This project stands out for many reasons, especially because of how rare the opportunity is to find a prime infill location like this in a high-demand submarket that has seen an extensive amount of development over the last decade,” said Jon Kelly, vice president for Development at Core5.
In addition to Arrow Business Center, Core5 and MBK also have a joint venture in San Antonio, Texas.
Avanath goes big in Big Apple
The privately-held Avanath Capital Management in Irvine has acquired a 251-unit multifamily property located in Brooklyn in New York City for $101.25 million.
The 18-story building known as 7 DeKalb (its address) is part of a 700,000-square-foot mixed-use development, City Point.
“This was an excellent opportunity to add a high-end apartment community to our portfolio, which enables us to provide quality housing to residents who might otherwise be priced out of this neighborhood, at below replacement cost,” said Daryl Carter, founder, chairman and CEO of Avanath.
John R. Williams, president and chief information officer at the firm, said the deal came less than a year after the firm bought a mixed-use portfolio in Brooklyn. The portfolio has two multifamily properties with a combined 601 units with ground-floor retail space.
The latest multifamily property was acquired in an off-market deal from The Brodsky Organization.
Flying J travel center lists for $17M
It’s not every day you get to list a gas station for sale, at least one that might fetch $17 million.
RealSource in Newport Beach has been chosen to list the Pilot Flying J Travel Center in Jurupa Valley. The asking price? $17,187,000.
Of course, this gas station is much more than pumps and a soda stand. The 15,500-square-foot travel center and fuel lanes sit on 11.50 acres.
“The property has multiple income streams, including 12 fueling lanes, a drive-thru Wendy’s, Cinnabon, PJ Fresh Marketplace convenience store, a Western Union, 107 truck parking spots plus 48 reserved parking spots, two ATMs, CAT-certified scales and nine on-site showers,” said Austin Blodgett, RealSource Group’s senior vice president of investment sales.
Blodgett called the Pilot travel center ” the ultimate generational investment.”
“For someone looking for long-term security with some huge, future upside, this is the property to have in your portfolio,” he said.
Pendry hotel taps new GM
David Hoffman has been named general manager of Pendry Newport Beach, a boutique hotel slated to open in late summer.
Hoffman, with 30 years in luxury hospitality including 20 years at Montage International properties, will oversee all operations of the hotel.
Pendry Newport Beach is the third Southern California property in the Pendry Hotels & Resorts portfolio and the eighth in the collection.
The hotel will have 295 guestrooms including 82 suites, three restaurants, a spa, outdoor pool and sundeck, fitness center and 14,000 square feet of meeting and event space.
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 [email protected]. Please allow at least a week for publication. All items are subject to editing for clarity and length.