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Tuesday, May 24, 2022

Real estate news: La Paz Village in Laguna Hills sold for $23.5 million

According to Institutional Property Advisors, a division of Marcus & Millichap, La Paz Village in Laguna Hills sold for $23.5 million.

The center, located at the intersection of 5 Freeway and La Paz Road, has a number of smaller tenants, including a dental office, yoga studio, salon, optometry office, and an Italian restaurant.

Cape Point Development in San Clemente purchased the 54,566-square-foot shopping center built in 1974. According to the IPA, the center got a facelift in 2012.

Bill Rose, Senior Director of IPA, and Steven Siegel, Glenn Kunofsky and Anthony D’Ambrosia of Marcus & Millichap represented undisclosed vendors.

Red Mountain Group in Santa Ana has purchased the Country Fair Shopping Center, a 168,264-square-foot shopping center in Chino, for $42.25 million. (courtesy of newmark)

Santa Ana Investors Buy Chino Retail Center for $42 Million

According to Newmark, Red Mountain Group in Santa Ana has purchased the Country Fair Shopping Center, a 168,264-square-foot shopping center in Chino, for $42.25 million.

Newmark said the property was sold by an undisclosed real estate investment trust based in New York.

Newmark’s Vice President Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller in the transaction.

“Red Mountain Group remains aggressive in its effort to achieve quality retail in Southern California and beyond,” Rudy said in a statement.

Anchors at the center include Albertsons and PetSmart. Other tenants are Rite Aid, Dollar Tree, Harbor Freight Tools, Tire of America, Kaiser Permanente and Sherwin Williams.

Bascom Group in Irvine has acquired two apartment communities in the Central Valley for a combined $44.5 million.  Seen here is the Casa de Luna.  (courtesy of Bescom Group)
Bascom Group in Irvine has acquired two apartment communities in the Central Valley for a combined $44.5 million. Seen here is the Casa de Luna. (courtesy of Bescom Group)

Bascom spends $44.5M for more apartments in Central Valley

Bascom Group in Irvine has acquired two apartment communities in the Central Valley for a combined $44.5 million.

According to the firm, the Casa de Luna Apartments and Casa del Sol Apartments in Fresno are the 25th multi-family acquisitions for Bascom in the Central Valley and 130th in California.

Bascom bought the 236-unit portfolio in an off-market transaction.

Casa de Luna and Casa del Sol were built in 1967 and 2006, respectively, and their interiors are in original condition or have received only minor upgrades, the firm said.

Amenities include a pool and fitness center. The apartments, Bascom said, are mostly two- and three-bedroom floor plans.

“We have seen a high demand for renovated apartment units in the Fresno market over the past few years,” said Lee Nguyen, a senior principal at Bascom.

He said that both the campuses will undergo renovation to the interior, exterior and their facilities.

“Our focused renovation plan will offer tenants with a variety of unit interior finish levels and price points,” he said.

Prior to the close of the deal, Bascom said it had purchased 128 multifamily properties and 20,537 units in California.

Newport Beach-based Ranchharbour and Manhattan West, a real estate investment and management firm based in Los Angeles, have purchased a 5-acre industrial warehouse complex in San Dimas in a joint venture.  (Courtesy of Lee & Associates)
Newport Beach-based Ranchharbour and Manhattan West, a real estate investment and management firm based in Los Angeles, have purchased a 5-acre industrial warehouse complex in San Dimas in a joint venture. (Courtesy of Friedman Studio)

RanchHarbor, JV partner buy industrial complex in San Dimaso

Newport Beach-based Ranchharbour and Manhattan West, a real estate investment and management firm based in Los Angeles, have purchased a 5-acre industrial warehouse complex in San Dimas in a joint venture.

Financial terms of the deal were not disclosed.

The property comprises four buildings with 44 suites totaling 91,000 square feet.

The enterprise purchased the asset from an undisclosed seller in an off-market transaction.

The San Dimas transaction was brokered by Lee & Associates.

Ann Caruana is the newly appointed Chairman and Chief Investment Officer of Preservation Equity Fund Advisors, an affiliate of Irvine-based WNC.  (courtesy of WNC)
Ann Caruana is the newly appointed Chairman and Chief Investment Officer of Preservation Equity Fund Advisors, an affiliate of Irvine-based WNC. (courtesy of WNC)

WNC creates new venture, taps CIO to run it

Irvine-based WNC, an affordable housing investment and development firm, has created a new partner, Preservation Equity Fund Advisors, or PEF Advisors, and appointed Ann Caruana as its president and chief investment officer.

PEF Advisors is a registered investment company that will acquire and protect existing affordable housing in high-cost markets, according to a statement.

Caruana comes to this position with over 19 years of experience in the multifamily investment sector, including underwriting and securing affordable rental housing investments.

He has spent three years as Senior Vice President of WNC’s Preservation Equity Fund where he oversees the acquisitions and asset management teams.

WNC is an investor in real estate and community development initiatives.

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 sgowen@scng.com. Please allow at least one week for publication. All items are subject to editing for clarity and length.

World Nation News Deskhttps://www.worldnationnews.com
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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