The commercial real estate market continues to thrive as Sentinel Real Estate has completed the acquisition of The Venue at Orange, a newly constructed apartment community in Redlands.
Purchased from LuxView Properties for an impressive $148.4 million, this transaction reflects a sale price of approximately $452,000 per unit.
The Venue at Orange boasts a total of 328 units and is designed in a garden-style format, featuring seven buildings.
The property offers a diverse mix of one-, two-, and three-bedroom units, appealing to a range of potential tenants.
Representing the seller, LuxView, in this significant deal were Chris Zorbas, Kevin Green, Joseph Grabiec, Kyle Pinkalla, Alexander Garcia Jr., and Gregory Harris from Institutional Property Advisors (IPA).
In other news, Kidder Mathews has recently expanded its team, hiring Jamie Rogers as a Vice President based in Century City.
Focusing on tenant representation for office and retail occupiers across Greater Los Angeles, Rogers brings over 20 years of commercial real estate experience from both Southern California and New York City.
Previously, he spent more than a decade at CBRE in Los Angeles, where he honed his expertise in the field.
In another real estate transaction, RPK Development has sold Pacific Trails, an 84-unit apartment community located in Covina, to Langdon Park Capital and Standard Real Estate Investments for a total of $21 million.
RPK, which has owned the property since 2018, is looking to diversify its holdings beyond California, making this sale a strategic move.
The apartment complex at 18615 Arrow Highway, built in 1977, features a combination of one- and two-bedroom units across nine two-story buildings on a 3.2-acre site.
Post-sale, the community will undergo rebranding as Langdon Park on Arrow and will operate under a long-term affordability structure aimed at benefiting working families, as announced by Langdon Park.
Additionally, the Langdon-Standard joint venture secured equity financing from The Community Preservation Corp. to support this initiative, with financing also including a Fannie Mae loan arranged by Walker & Dunlop.
Moreover, CBRE has successfully facilitated the sale of a 1.7-acre multifamily development site at 9700-9740 W. Pico Blvd. in Beverlywood.
The property was acquired by Pico BWB LLC for $24 million.
CBRE’s Melinda Russell and Josh Samuels represented both the buyer and the seller in this transaction.
This development site has the potential to accommodate up to 200 multifamily units, making it an attractive investment considering its location within walking distance of Century City and adjacent to Beverly Hills.
In the industrial sector, Rexford Industrial has signed a lease for a new 123,000 square-foot industrial space at 8888 Balboa Ave. in San Diego’s Kearny Mesa.
The brand-new Class-A warehouse has been leased in its entirety to an undisclosed tenant.
The transaction was brokered by Colliers Executive Vice Presidents Evan McDonald and Mark Lewkowitz, alongside Senior Executive Vice President Tucker Hohenstein, representing Rexford.
In another significant move, the civil litigation specialist Behar Gibbs Savage Paulson LLP has signed a new two-floor, 36,000 square-foot office lease at 1 WTC in Long Beach.
JLL’s Mike McKeever represented the law firm, while his colleague Jason Fine represented the landlord, Greenlaw Partners/Walton Street Capital.
Lastly, Kidder Mathews has listed a historic movie theater property, formerly utilized as a CVS Pharmacy, located at 909 S. Atlantic Blvd.
Originally built in 1927 as the Golden Gate Theatre, the 23,000 square-foot property is now on the market for $11 million, with Senior Vice President Jay Martinez and Associate Vice President Sherwin Soumekh spearheading the marketing efforts.
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