Newport Beach-based North Palisade Partners has acquired a 13-acre property in Corona for $35 million in an off-market deal.
The deal includes an existing industrial building at 22740 Temescal Canyon Road occupied by Laticrete International along with 9 acres of land slated for the development of a 205,000-square-foot Class A industrial facility.
The Corona property was sold by an unidentified family that owned the site for more than 30 years, according to the firm.
North Palisade Partners said it is working to secure entitlements and finalize plans for the industrial building, which should start construction in early 2023.
The development will target companies seeking distribution facilities in the Inland Empire.
NAI Capital Commercial’s Eddie Michino, Nicholas Chang, Richard Lee, Justin Kuehn and Sione Fua represented North Palisade Partners.
Meridian sells Torrance medical building
Newport Beach-based Meridian has sold a renovated 26,000-square-foot medical office building at 3531 Fashion Way in Torrance to an unidentified investor for $14.2 million.
Meridian acquired the building for $7.5 million from Providence in December 2018, when it was 100% vacant.
The buyer was represented by Sheri Messerlian of NAI Capital in Torrance and Meridian was represented by John Scruggs based in Newmark’s Irvine office.
Industrial building sells for $11.6M in Anaheim
A 37,237 square-foot industrial building on White Star Ave. in Anaheim has been sold to Boston-based Longpoint Realty Partners for $11.6 million, according to CBRE.
CBRE’s Keith Greer, Sean Ward and Ben Seybold represented seller Pharmachem Laboratories.
The property was purchased vacant. The buyer will fully renovate and market it for lease, CBRE said.
Irvine Co. launches office park’s 2nd phase
Irvine Company has begun construction of the second phase of Innovation Office Park after leasing its first phase to several tech and gaming companies.
The new phase of the 1.1-million-square-foot project will include seven buildings in a combined 260,000 square feet. Ranging in size from 20,000 to 64,000 square feet, the buildings are expected to be completed by winter. The new phase also “amenity experiences” along pedestrian pathlines and a central event lawn for outdoor meetings, happy hours and food trucks.
Innovation Office Park’s tenants include the video game company SEGA of America; metals recycling firm Sims Limited; Green Rush Packaging; and several other gaming studios including Postcard Game Studio, Frost Giant Studios and Notorious Studios.
“The demand for premium workspace continues to grow and Innovation Office Park has become the workplace of choice for innovative companies that want the best possible experience for their teams,” said Steve Case, executive vice president of Irvine Co’s Office division.
New fountain project takes OTL to Texas
Anaheim-based Outside the Lines is working on a $3.5 million show fountain for EpicCentral, a 172-acre park site in the Dallas-Fort Worth Metroplex.
The show fountain in the city of Grand Prairie should be complete by this fall and will feature air-fired jets and robotic nozzles reaching heights of over 60 feet, OTL said. The fountain also will have to large-scale projection and specialty lighting effects and music.
OTL, which specializes in creating unique water features, rockwork and themed environments, is working with Merriman Anderson Architects as well as Studio Outside as the landscape architect.
IHP partners with Fieldstone Homes for Utah development
Newport Beach-based IHP Capital Partners and Fieldstone Homes are building a housing community in Saratoga Springs, Utah, on 63 single-family lots.
The mix of one- and two-story homes at Alpine Springs will sit on lots that range in size from 9,000 square feet to 17,700 square feet, IHP said.
Groundbreaking is scheduled this quarter with presales beginning in the second quarter of 2022.
On the move
Keenan Driscoll is the new chief financial officer at Sundt Construction. He also joins Sundt Cos.’ board of directors. Driscoll will first work with the company’s longtime CFO Kevin Burnett until he retires in April. Previously, Driscoll worked for 11 years at AECOM, an infrastructure service provider, where he served as the company’s global treasurer as well as the chief finance and operations officer for the Americas.
North Palisade Partners has made a couple of leadership announcements. Jeff Hedges has joined the Newport Beach firm as partner. He previously served as executive vice president and chief financial officer at PS Business Parks. Pete Williams is the new vice president of investments. He previously served as investments director at American Realty Advisors. North Palisade Partners is expanding in Southern California and other Western markets.
Kevin Tranbarger has been named as West Coast multisite projects lead for JLL’s project and development services team. Based in the firm’s Irvine office, he will oversee the direction, management and execution of multisite retail, healthcare, industrial, commercial, institutional project management assignments for JLL in the West Coast including ground-up development, renovation and tenant improvements. Tranbarger previously served as senior director of retail projects for JLL Asia Pacific.
NAIOP SoCal will host its 2022 awards gala May 12 at the Westin in Anaheim.
Ed Roski, president and chairman of the board of Majestic Realty Co., will be the first inductee into its Hall of Fame.
NAIOP SoCal also will announce the winners of the annual industry awards. Two of the awards will be decided during the gala by a people’s choice, including developer of the year and deal of the year.
Nominations are due by March 9. For more information and to submit a nomination go to naiopsocal.org/awardsgala. For all nominations, at least one member of the team must be a NAIOP member.
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.