Pacific Vista, a 322,262-square-foot, 24-acre Class A office campus in Lake Forest, has been sold to Prologis Inc. for $96 million, according to Cushman & Wakefield.
The campus has five two-story office buildings leased to seven long-term tenants, Cushman & Wakefield said.
The seller has not been identified by the brokerage. Representatives said Prologis plans to continue operating the property as an office project.
Jason Ward of Cushman & Wakefield represented the buyer and John Harty of Cushman & Wakefield with the assistance of Jeffrey Cole, Nico Napolitano and Ed Hernandez also represented the seller.
Newport Beach investor sells Hemet resort sold for $5.56 million
An unidentified Newport Beach investor has sold a 39,796 square foot medical office complex to Hemet for $5.56 million, according to Progressive Real Estate Partners.
The buyer for the Courtyard Medical & Professional Center at 910-960 N. State St. was identified solely as a foreign investor represented by CBD Investments.
Built in 1981, the fully leased resort generated 13 qualified bids, according to Progressive’s Greg Bedell.
Bedell said the deal further bolstered “the continued rebound in demand we’re seeing for multi-tenant commercial assets in SoCal’s Inland Empire.”
New Brunswick firm sells 3 Palm Desert retail blocks for $15.7 million
Fountainhead Development of Newport Beach has sold three new commercial properties at the Monterey Crossing Mall in Palm Desert for a total of $15.7 million in three separate transactions, according to Hanley Investment Group Real Estate Advisors.
Hanley represented Fountainhead in all three transactions.
The transactions included two new pads leased from Chick-fil-A and Quick Quack Car Wash as well as a two-tenant pad leased from AT&T and Spectrum.
Other national brand tenants at the mall include Costco, Home Depot, Kohl’s, Sam’s Club, Walmart, 99 Cents Only, Ashley HomeStore, JOANN Fabrics and Crafts, PetSmart and Regal Cinemas.
“In 2022, we anticipate that more mall developers and owners will seek to implement a break-up sales strategy to capitalize on the strong demand for single-tenant and multi-tenant retail products at premium prices. “said Bill Asher, executive vice president. chairman of Hanley.
Five Point taps ex-Irvine Co. exec as CEO
In case you missed that news on Thursday, Irvine-based Five Point Holdings named a new CEO four months after its founder Emile Haddad was demoted to an advisory role.
Daniel Hedigan, who spent 10 years on the Irvine Co. management team, immediately assumed the role, according to a Five Point statement released on Wednesday, February 9.
“He will bring an excellent balance of management skills and experience, with a focus on sizing our cost structures to fit the size and scale of our business,” said Stuart Miller, Executive Chairman of Lennar, Five Point’s largest stakeholder.
The announcement capped a series of leadership changes at the Irvine-based developer. Last August, Five Point announced that Haddad would become a senior adviser. The company has promoted its chief operating officer, Lynn Jochim, to president. Wednesday’s announcement said Jochim would step down from both roles but remain as a councilor for three years.
In late January, chief financial officer Erik Higgins resigned but indicated he would remain at Five Point to complete regulatory filings, which are due this spring. The company has appointed Leo Kij, its controller, as interim chief financial officer.
Five Point declined Thursday to comment on the leadership changes beyond its prepared statement.
The Brea engineering firm acquired by the Long Beach firm
Power Engineering Services Inc., a Brea-based electrical engineering company, has been acquired by P2S Inc. of Long Beach.
Terms of the agreement were not disclosed by either company.
P2S is also a provider of engineering and construction management services for institutional, industrial and commercial clients.
In a statement, the companies said PES would continue to provide its customers with the same services, along with the support of P2S and its engineering services.
“Joining P2S allows us to expand and accelerate the design, service and deployment of projects for our customers with a significantly increased workforce and exceptional resources,” said PES President Barbara Effenberger. “Joining P2S is the ultimate partnership.”
Oren Hillel is the new director of development for Waterford Property Co. in Newport Beach. Hillel will oversee the company’s real estate development, including grassroots projects, in the market-priced and affordable housing categories. Previously, he worked at Greystar, a property developer and manager with over $50 billion in assets under management.
Stephanie Young Group is partnering with the American Red Cross to host a blood drive from 10:30 a.m. to 5 p.m. Friday, March 18 at Highland Park in Irvine.
Photo ID is required to donate. Appointments can be scheduled online at RedCrossBlood.org with referral code SYG or by phone at 1-800-733-2767. To verify your eligibility to donate blood, call the Red Cross Donor Support Center at 1-866-236-3276.
Address: 12205 Dreamcatcher
Real estate transactions, leases and new projects, industry hires, new companies and upcoming events are compiled from news releases by editor Karen Levin. Submit articles and high-resolution photos via email to Business Editor Samantha Gowen at [email protected] Please allow at least a week for posting. All elements are subject to change for clarity and length.