The five-story office building at 725 West Town and Country Road in Orange sold April 28 for $15.45 million.
Bailard sold the 90,191-square-foot building, which last sold in 2016 for $20.5 million, according to property records.
CBRE represented the seller and said the buyer would have a variety of options for the structure, including residential concepts.
“The property attracted a wide variety of interested buyers given its unique positioning as a potential investment, owner-user opportunity, or residential redevelopment given its unique zoning overlay,” said Anthony DeLorenzo, a vice chairman at CBRE.
The property is 62% leased to 12 tenants and is within walking distance to MainPlace Mall.
86 townhomes replacing Santa Ana office complex
Scottsdale-based Meritage Homes will demolish an office complex in Santa Ana and build 86 townhomes in its place.
Meritage bought the property near the convergence of the 55 and 5 freeways from Harbor Associates for $19.2 million. The deal closed April 29.
Long Beach-based Harbor worked with the city to entitle the property at 2020 E. First St. for residential use.
According to the site plan, the three-story townhomes will range from roughly 1,200-1,800 square feet with six live-work units at 2,500 square feet. Each unit would have two to four bedrooms and two-car garages.
The site would also have 194 parking spaces including guest parking.
The townhomes, when complete, will be adjacent to the sprawling, five-story First Point Apartments at 2114 E. First St. When completed, the two-building complex on 6.6 acres will have 552 units and retail space on the first level of Building A, according to the architecture firm AO in Orange.
“The COVID pandemic changed the way users live and work,” said Paul Miszkowicz, a principal at Harbor. “Our recent adaptive reuse business plans are reflective of markets that have an excess supply of office inventory, but are dramatically undersupplied for housing, industrial and life science uses.”
Miszkowicz said the firm anticipates more change in “the built environment over the next 10 years than in the previous 30 years combined.”
Harbor is taking advantage of the workplace pivot, finding properties that are under-leased and reimagining the space for industrial or residential use. In February 2024, the company tore down a Santa Ana office complex and turned the property into a logistics hub.
In Los Angeles, the firm is converting an office site into 228 apartments. It also got approval in Santa Clarita to demolish a 118,750-square-foot office building and replace it with a 115,000-square-foot industrial building. Harbor is also planning an office-to-116 residential unit conversion in Denver.
Fullerton shopping center sells for $12.6M
The North Euclid Shopping Center and its former Stater Bros. Market in Fullerton recently traded owners, selling for $12.58 million, according to Hanley Investment Group.
The 41,219-square-foot shopping center at 229-333 North Euclid St. is mostly full, with the exception of the grocery store.
The seller was the family-owned Kraemer Land Co. in Anaheim. Hanley declined to identify the buyer but said they were based in Fullerton.
The new owner — who owns multiple anchored retail properties, Hanley reps said — will look for a replacement anchor.
Meanwhile, the other shops at the center are all leased to “internet-resistant” tenants including a barber shop, hair salon, several quick-service restaurants, family dentistry, chiropractic office and H&R Block.
“This acquisition represented a rare opportunity to acquire a value-add shopping center in North Orange County,” said Kevin Fryman, an executive vice president at Hanley. “With several years remaining on the Stater Bros. lease, the buyer has ample time to execute their business plan, including repositioning the property and retenanting the former Stater Bros. space.”
We asked online readers their suggestions for the shuttered Stater Bros. Most of the emails we got said Trader Joe’s. Others said either the Monrovia-based grocery store or its distant cousin, Aldi.
Fullerton complex signs Doosan Bobcat
Doosan Bobcat North America signed a five-year $15.1 million lease for a newly finished 139,449-square-foot distribution facility at 1901 E. Via Burton in Fullerton.
Voit Real Estate Services’ Hefner Vernick team represented Rexford Industrial, the developer, while the tenant was represented by Cushman & Wakefield.
Doosan Bobcat is a top manufacturing and distributor of compact construction, landscaping and grounds maintenance equipment.
IHP building 49 new homes in Alhambra
IHP Capital Partners in Newport Beach is building 49 new homes in Alhambra in a joint venture with Intracorp Homes.
The 2-acre infill site will become The Cordova with nine detached homes and 40 townhomes, 10 of which will be affordable units. The homes will have a Spanish Colonial architectural style.
The company said site development is underway, with construction expected to launch in September.
The property at 801 E. Main St. was previously operated as a car dealership.
Now cleared for development, the land has been re-zoned to residential.
The Cordova will be the sixth partnership project for IHP and Intracorp. They’ve also built Docente at Old School House, a 95-home neighborhood in Claremont, and Miren, a single-family home project in Arcadia.
On the move
Adam Pastor is the new vice chair of Cushman & Wakefield’s Industrial Advisory Group. Based in Irvine, he specializes in industrial portfolio sales, recapitalizations, joint venture equity and financing across the country. Previously, Pastor was a managing director at Eastdil Secured for 20 years.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com . Please allow at least a week for publication. All items are subject to editing for clarity and length.
