Magnolia Court, a 21-unit apartment building in Anaheim, has been sold to a private buyer for $6.3 million, according to CBRE.
Located at 527-537 N. Magnolia, the building was constructed in 1987 and includes all two-bedroom, two-bathroom units. The 20,475-square foot, two-story property also has central heat and air, on-site laundry facilities and 42 parking spaces.
CBRE’s Dan Blackwell and Sean Farag represented the buyer in the transaction. The seller was represented by an outside firm.
“Our team found a suitable up-leg property for the 1031-exchange investor that matched the buyer’s criteria,” said Blackwell. “As the lending environment has become more challenging, the loan approval process was very management intensive, but we were able to meet all of the transaction timeframes and help close the loan and the deal on time.”
Industrial deal in YL fetches $6.8M
Rexford Industrial Realty, a real estate investment trust focused on infill industrial markets, has acquired a Yorba Linda property for $6.8 million
The company bought 22895 Eastpark Drive, a single-tenant property with 34,950 square feet on 2.35 acres of land. It’s fully leased on a long-term basis to the healthcare tech firm Previon, previously known as Bridgecom Solutions. The company recently relocated its headquarters to Yorba Linda from Riverside County.
Medical building in Tustin lands $8.4M
An 11,499 square-foot medical office in Tustin has been sold for $8.4 million to an unidentified local 1031-exchange buyer, according to CBRE.
The infill property at 721 W. 1st St. is leased by DaVita Healthcare Partners.
CBRE’s Ian Schroeder, Melissa Ley and Allison McDuffie represented the seller, CREST Properties LLC.
“This asset was highly desirable due to the location, credit, annual rental increases and long-term lease,” said Schroeder. “There is also a fully entitled 6,000 square-foot medical office site behind this asset, providing a future opportunity for a cohesive medical use with the DaVita.”
The Southern California-based buyer was in a 1031-exchange and looking for a local and long-term investment, CBRE said.
Work wraps on AC Hotel
Irvine-based R.D. Olson Construction has completed its work on the luxury AC Hotel by Marriott in Beverly Hills.
The 11-story, European-inspired hotel was built from a 1950s office building in two phases. Construction wrapped up last year on phase one, which turned the office building into a 97,000-square-foot hotel with a rooftop lounge, fitness center and meeting spaces.
Phase two included the addition of administrative and community areas and additional suites, bringing the total to 176 guest rooms.
Located in on Miracle Mile, the project is the first AC-branded hotel in the Los Angeles region.
R.D. Olson Constructions said historical components of the 1950s office structure were preserved and restored as part of the adaptive reuse, including original windows, stone and the building’s exterior façade.
Another buy for CoolSys
Brea-based CoolSys has acquired Eastern Refrigeration, a leading commercial refrigeration and HVAC solutions provider serving Connecticut, Rhode Island and Massachusetts. With this acquisition, CoolSys said it has further expanded its growing market presence in the Northeast region.
The company has resumed its nationwide expansion in the wake of the COVID-19 pandemic with the backing of its private equity investor, Ares Management.
Marcus & Millichap co-chair dies
William A. Millichap, co-chairman of Marcus & Millichap has died after a year-long battle with cancer, the firm said last week. He was 76 years old.
“The company’s formative years benefited greatly from Bill’s push for innovation, including our training programs, professionalization of the industry, and adaption of technology; key building blocks of the firm’s market leadership,” said Marcus & Millichap founder and chairman George M. Marcus. “He was a unique and exceptional leader, coach and innovator. All who knew him would point to his intelligence, endless energy, enthusiasm, discipline, loyalty and competitiveness as main ingredients that made him the life force that he was.”
Millichap joined the firm, called G.M. Marcus Co. in the early 1970s, as an investment broker shortly after its founding in 1971. After becoming regional manager of the Palo Alto office in the mid-1970’s, he went on to be president and a director of the company from 1985 to 2000 and was co-chairman of the board until his passing.
He also was one of the founders of San Jose National Bank and the Mid-Peninsula Bank of Commerce, where he served on the board of directors.
Millichap is survived by his wife Sherrie, children Laura, Greg, Jeff and Stacy and eight grandchildren.
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 firstname.lastname@example.org. Please allow at least a week for publication. All items are subject to editing for clarity and length.