An apartment building with nine units at 216 6th St. in Huntington Beach has been sold for $4.95 million, or $550,000 per unit, according to CBRE, which brokered the deal.
The buyer, a family trust, was unidentified and was represented by Dan Blackwell and Mike O’Neill.
The property includes two- and three-bedroom units that average 1,010 square feet and have a patio or balcony. The complex is about two blocks to the beach, downtown Surf City and Pacific City Center.
“The previous family owned the asset for more than 30 years, and we rarely see properties in this iconic coastal location come up for sale,” said Blackwell. “Due to the proximity to amenities and attractions and the area’s strong rental demand, the property garnered a lot of investor interest, and we were able to generate six offers, ultimately closing with an all-cash buyer at record pricing.”
This marks the eighth Huntington Beach sale the CBRE team, which also represented the seller, has completed this year.
H. Hendy Associates has completed work on the colorful headquarters for Nogin, an e-commerce software provider for fashion brands. The 16,000-square-foot workspace at Flight at Tustin Legacy is full of surprises including Godzilla and a giant dog named Baby. The headquarters includes the typical mix of workspaces spanning private offices, huddle areas, conference rooms, a lunchroom, a large lobby and various break-out areas for impromptu meetings and brainstorms. What’s not so typical is the style, which resembles a modern art gallery. (Courtesy of RMA Architectural Photography)
New HQ is colorful, open expanse
Nogin, an e-commerce software provider for fashion brands, has a redesigned its workspace, replete with Godzilla and a giant dog.
H. Hendy Associates recently completed its design work on the 16,000-square-foot headquarters at the FLIGHT compound at Tustin Legacy.
The space recently won Gold Nugget’s Grand Award for Best Commercial Project under 20,000 square feet. The headquarters includes the typical mix of workspaces spanning private offices, huddle areas, conference rooms, a lunchroom, a large lobby and various break-out areas for impromptu meetings and brainstorms.
What’s not so typical is the style, which resembles a modern art gallery. Hendy’s team deployed a “fashion district” approach, using cities such as Paris, London, Milan and Tokyo for its inspiration spread across 18 different workspaces. Tokyo got Godzilla and cherry blossoms; Paris a towering 15-foot poodle with a chandelier in its mouth. London is edgy with an industrial subway feel. Milan has a bold, gold palette.
“We now have an employee-centric environment that not only is inviting and experiential – an inspiring place where our team wants to work and be – but also reflects our vibrant culture and world-class fashion expertise,” said Jan-Christopher Nugent, CEO of Nogin.
A 25-unit apartment building at 9922 Broadway in Anaheim has sold $7.9 million. CBRE’s Dan Blackwell represented the seller, an unidentified investor, in the transaction. Priscilla Nee and Sara Kheradmandan of CBRE represented the unidentified Los Angeles-based cash buyer in the sale. The property was built in 1989, and has all two-bedroom apartments that were renovated by the former owner. (CBRE)
25 units in Anaheim sell for $8M
On the northern end of Orange County, a 25-unit apartment complex at 9922 Broadway in Anaheim sold for $7.9 million, just shy of $320,000 per unit, in a 1031-exchange.
The unidentified seller bought the property for $6.8 million in 2019, according to CBRE’s Dan Blackwell, who brokered both transactions and sourced an upleg purchase in Orange.
The complex was built in 1989 and includes all two-bedroom apartments renovated under the last owner.
“We generated multiple competitive offers and sourced a buyer through CBRE’s network,” Blackwell said in a statement. “We are continuing to see an increasing number of Los Angeles-based investors looking in the Orange County market due to its strong track record in rent collections and more opportunities.”
CBRE declined to identify the buyer.
Irvine office building sells for $10.8M
A one-story, 24,031 square-foot office building at 2300 Michelson Drive in Irvine has been sold to an unidentified buyer for $10.8 million, according to CBRE.
The seller and buyer were unidentified.
“The property’s central location provides irreplaceable access to Orange County’s most prestigious and coveted business corridors,” said Anthony DeLorenzo with CBRE. “According to our forecasts, the OC is projected to add 68,000 new jobs over the next five years with rent growth projected to be among the highest in the country. That makes high-quality, strategically located office buildings such as this highly coveted among investors.”
A one-story, 24,031 square-foot office building at 2300 Michelson Drive in Irvine has been sold to an unidentified buyer for $10.8 million, according to CBRE. Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson, John Weiner, Rocky Binswanger and David Freitag represented the unidentified seller. (Courtesy of CBRE)
Bascom buys 93 rental homes in Nevada
The Bascom Group in Irvine has bought a 93-unit, single-family home rental community in Las Vegas for $24.75 million or $266,129 per unit.
“Suncrest Townhomes represents a great opportunity for Bascom to continue our expansion into the single-family rental space,” said Tom Gilfillan, Bascom’s acquisitions manager. “Demand for single-family home rentals exploded during 2020 as residents sought more space amid a competitive single-family home market with historically low for-sale inventory.”
The complex is located in North Las Vegas. Bascom said it plans to modernize the interiors.
The firm recently bought a three-property, 390-unit multifamily portfolio in Las Vegas for $72 million.
Single-family home rental prices in the U.S. jumped 6.6% in May from a year earlier, according to CoreLogic Inc., signaling that the housing boom may add to inflationary pressures in the economy.
The Bascom Group in Irvine has bought a 93-unit single-family home rental community in Las Vegas for $24.75 million. Suncrest Townhomes includes 93 units, meaning Bascom bought the homes for $266,129 per unit. (Courtesy of Bascom Group)
The national increase was the fastest since at least 2005, CoreLogic said. Single-family homes, which make up about half of the rental market, have seen a surge in demand during the pandemic as Americans sought to move to less densely populated neighborhoods.
Investors, in particular, have been on the hunt for returns in the frenzied U.S. real estate market, building massive portfolios of houses to rent out on Airbnb, according to Bloomberg. Plans to buy giant pools of rentals would mark a shift toward a consumer experience with Airbnb that more closely resembles a hotel stay. But it comes as record-low home inventory pushes prices higher for average buyers and Wall Street investors alike.
Coming up: Some fun for Fido
Blaine Cotton and Christine Bowe, sales agents with the Newport Beach office of Coldwell Banker Realty, have partnered with the Boys & Girls Club of Newport Beach to host “Bark in the Park” on Saturday, July 31.
The free event, from 2 p.m. to 5 p.m., will be held on the front lawn of the Boys & Girls Club at 2555 Vista Del Oro.
“Bark in the Park” is an opportunity to share with the community the updated Boys & Girls Club facility.
“We are very excited for families in our neighborhood to see our newly renovated club and to learn about the many programs we offer school-age children in their community,” said David Blair, director of corporate relations and cause partnerships for Boys & Girls Club of Newport Beach.
Dr. Bruce Whitaker, a veterinarian with Newport Hills Animal Hospital, will talk to residents about their dog’s health free of charge.
Sponsors include The Pet Oasis, a local natural pet products store, Surfers for Strays, a nonprofit that wants to reduce the stray animals in Mexico, Bark City, a dog daycare and boarding facility, and Mutt’s Newport Beach, a neighborhood family-owned restaurant.
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.