A
35,616-square-foot building in Irvine that houses a Tesla Collision Center sold for $21 million on May 28. The property at 18011 Mitchell South has a 10-year triple net lease with options to extend through SRS Real Estate Partners. North Palisade Partners, a Los Angeles-based developer, was the seller, and Np Mitchell LLC, represented by Tidemark Real Estate, was the buyer.
The property's location in an affluent demographic area with a high number of Tesla owners attracted national and international interest from various investor classes. SRS Capital Markets Senior Vice President Pat Weibel noted that the property offered a well-known tenant in a desirable location.
A seven-unit apartment complex at 128 East Wakefield Ave. in Anaheim sold for $2,264,000 or $323,428 per unit on May 12. The property was marketed by Marcus & Millichap's Orange County office and included renovated units with updated exterior features.
A San Clemente shopping center anchored by DMV sold to Space Investment Partners for $8.9 million on May 23. The brokerage represented the seller, Casual Cascade De, LLC, in a transaction that required navigating the Coastal Commission and city regulations.
A Taco Bell property at 10901 Garden Grove Blvd. in Garden Grove was sold in a 1031 exchange for $2,350,000 in a competitive bidding environment. The buyer, The Fouladinejad Family Trust, was represented by Marcus & Millichap.
An office property at 22 Centerpointe Drive in La Palma traded hands for $6.025 million. The buyer, a local owner-user, purchased the asset from an unnamed institutional joint venture.
Daniel Gehman joined Ware Malcomb in Irvine as director of Multifamily in February, focusing on expanding the firm's architectural projects on the West Coast.
