M
anny Khoshbin, a prominent collector of supercars and commercial real estate, has acquired the Orangewood Corporate Plaza in Orange for $18.9 million. The 109,644-square-foot office complex on 4.46 acres was 84% leased at the time of purchase, with recent capital improvements valued at $3.3 million.
CBRE represented the seller, a Boston-based LLC, in the transaction. "Orangewood Corporate Plaza offers stable cash flow and strong leasing momentum," said DeLorenzo. Khoshbin's company, Khoshbin Co., has expanded its portfolio with this acquisition.
Khoshbin, an Iranian native who immigrated to the US at 14, began his real estate career at 23. He now boasts a large social media presence, sharing his life and interests with 3.3 million followers on Instagram.
In other news, Soundcoat Co., an acoustic engineering firm, has signed a $7 million lease for 2,775 square feet in Centerpoint Harbor, Santa Ana. The company is relocating its manufacturing hub from Irvine to expand its production space.
Hyundai Motor Co. has also leased all five floors of 2300 Main in Irvine, marking a significant expansion of the company's office space in the area. The lease was negotiated by Manova Partners.
A recent report on Orange County office space shows mixed results for property owners, with new leasing increasing 23% quarter-over-quarter but net absorption remaining negative.
In other transactions, a nine-unit apartment complex in Fullerton traded hands for $2.8 million, and an industrial property in Stanton sold for $4.7 million.
