A tractor dealership that has leased a Santa Ana industrial building for 45 years has bought that longtime home for $8.6 million, according to NAI Capital Commercial.

Eberhard Equipment has occupied the 9,780-square-feet facility at 2506 S. Harbor Blvd. since 1977.

The building dates to 1956 and sits on roughly 2 acres. It was renovated in 2019, getting a new roof and skylights, according to NAI.

The company was represented by Greg Diab and Jack Haley of Lee & Associates while the unidentified seller, a trust, was represented by David Knowlton and Steve Ehrich at NAI.

“The buyer … benefitted from a long term, below market lease which resulted in a favorable sale price,” Knowlton said.

According to Eberhard’s website, the family-run company founded by Ken L. Eberhard in 1945 now employs 21.

Guthrie Development Co. in Irvine bought this 13,260 square-foot multi-tenant industrial building in Fountain Valley from an unidentified seller for $4.3 million. (Courtesy of CBRE)

Guthrie buys Fountain Valley building for $4.3 million

Irvine-based Guthrie Development Co. bought a 13,260 square-foot multi-tenant industrial building in Fountain Valley from an unidentified seller for $4.3 million.

The property at 17330 Newhope St. in Fountain Valley has seven units ranging from 1,560 square feet to 3,510 square feet and is currently 80% leased.

Nick Spatafore with CBRE represented both the buyer and seller.

Guthrie Development next will update the property, according to Dane Rowland, commercial property and business association manager at the company.

Warehouse coming to Lincoln Way in Garden Grove

Two buildings in a highly industrial area of Garden Grove will be demolished and replaced with a Class A warehouse.

Scannell Properties bought two parcels on a combined 4 acres at 7390 & 7440 Lincoln Way from two separate sellers.

Terms of the purchases were not disclosed by Scannell.

In a statement, the real estate investment firm said it will demolish the buildings and then construct an 88,164-square-foot speculative warehouse.

Groundbreaking for the development should begin in late 2023. It will then be sold or leased, the company said.

Avanath Capital Management acquired six affordable family and senior multifamily communities in Sacramento. Picture here is Whitney Ranch, affordable apartment complex. (Courtesy of Avanatha Capital Management)

Avanath buys 6 complexes in Sacramento area for $182M

Irvine-based Avanath Capital Management has acquired six affordable family and senior apartment complexes in the Sacramento area for a combined $181.6 million.

The portfolio includes four family and two senior affordable communities with a total of 1,032 units.

The affordable family complexes include Anton Arcade, Norden Terrace, The Ridge and Whitney Ranch, while the senior properties include Corsair Park Senior and Hurley Creek Senior.

With this acquisition, Avanath said it now has 12 properties and manages 1,854 total units in the Sacramento area.

“Preserving affordability in markets where rental rates are historically high is the essence of our firm’s mission,” says Daryl Carter, founder, chairman, and CEO of Avanath. “As the Northern California region is a hub for technology and other high-paying industries, market-rate apartments have been driven out of reach for many lower-income families and seniors. Our goal is to provide housing that these renters can afford, particularly as inflation continues to rise.”

La Palma-based Silver Star Real Estate acquired this 304-unit apartment complex in Riverside, according to CBRE. Terms were not disclosed by the firm. (Courtesy of The Foto Finisher)

La Palma’s Silver Star team buys Riverside apartment complex

Silver Star Real Estate in La Palma bought a 304-unit apartment complex in Riverside, according to CBRE.

The brokerage, which represented the sellers, declined to provide terms of the deal.

Metro 3610 at 3610 Banbury Drive was built in 1984 on 15.2 acres. CBRE said many of the units have since been renovated.

“The renovated units account for approximately 10% of the total and have demonstrated potential for impressive income gains,” said CBRE’s Dean Zander. “Silver Star plans to continue improving the balance of the units and make additional common area upgrades to better position Metro 3610 in this highly desirable submarket.”

Rents at the property range from $1,857 to $2,633 for one- and two-bedroom units, according to Apartments.com.

The complex has two swimming pools, a spa and wading pool, tennis courts, clubhouse, updated fitness center and open green space with picnic areas, grilling stations and a playground.

The Inland Empire has seen rents soar during the COVID-19 pandemic as more tenants shifted east for bigger apartments at cheaper prices. Vacancy rates for the two-county region have sunk to 2.7%, pushing up rent 16.4% to a record-high average of $2,002.

“Metro 3610 has benefited from the phenomenal rent growth in the Inland Empire, which exceeded 12% over the last 12 months and has more than doubled since 2012,” said Stewart Weston, also at CBRE.

Chris Wright of Newport Beach is the new vice president of construction for Goldrich Kest in Culver City. (Courtesy of Goldrich Kest)

Industry movers & shakers

Newport Beach resident Chris Wright has been named vice president of construction for Goldrich Kest, a privately owned real estate and property management company based in Culver City. In this new position, he will be responsible for directing the company’s pre-construction and construction endeavors. Wright most recently served as director of development and construction for MIG Real Estate, a family-owned investment organization with over $3 billion in real estate assets.

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