A tractor dealer who leased a Santa Ana industrial building for 45 years bought the longtime home for $8.6 million, according to NAI Capital Commercial.
Eberhard Equipment occupied the 9,780 square foot facility at 2506 S. Harbor Blvd. since 1977.
The building dates from 1956 and sits on approximately 2 acres. It was renovated in 2019, with 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 … benefited from a long-term lease that was below market, which resulted in a favorable sale price,” Knowlton said.
According to the Eberhard website, the family business founded by Ken L. Eberhard in 1945 today employs 21 people.
Guthrie buys Fountain Valley building for $4.3 million
Irvine-based Guthrie Development Co. purchased a 13,260 square foot multi-tenant industrial building in Fountain Valley from an unidentified seller for $4.3 million.
The property located 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 buyer and seller.
Guthrie Development will then update the property, according to Dane Rowland, the company’s head of commercial properties and trade associations.
Warehouse at Lincoln Way in Garden Grove
Two buildings in an industrial area of Garden Grove will be demolished and replaced with a Class A warehouse.
Scannell Properties has purchased two parcels over a combined 4 acres at 7390 and 7440 Lincoln Way from two separate vendors.
Terms of the purchases were not disclosed by Scannell.
In a statement, the real estate investment firm said it would demolish the buildings and then build an 88,164 square foot speculative warehouse.
Groundbreaking development is expected to begin in late 2023. It will then be sold or leased, the company said.
Avanath buys 6 Sacramento-area resorts for $182 million
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 communities and two affordable senior communities with a total of 1,032 units.
Affordable family resorts include Anton Arcade, Norden Terrace, The Ridge and Whitney Ranch, while senior properties include Corsair Park Senior and Hurley Creek Senior.
With this acquisition, Avanath said it now owns 12 properties and manages 1,854 total units in the Sacramento area.
“Preserving affordability in markets with historically high rental rates is the essence of our company’s mission,” said Daryl Carter, Founder, President and CEO of Avanath. “As the Northern California area is a hub for technology and other high-paying industries, market-priced apartments have been rendered out of reach for many low-income families and seniors. Our goal is to provide affordable housing for these tenants, especially as inflation continues to rise.
La Palma’s Silver Star buys Riverside apartment complex
Silver Star Real Estate in La Palma has acquired a 304-unit apartment complex in Riverside, according to CBRE.
The brokerage, which represented the sellers, declined to provide terms of the agreement.
Subway 3610 at 3610 Banbury Drive was built in 1984 on 15.2 acres. CBRE said many units have since been renovated.
“Remodeled units represent approximately 10% of the total and have demonstrated impressive revenue-earning potential,” said CBRE’s Dean Zander. “Silver Star plans to continue improving unit balance and making additional common area upgrades to better position Metro 3610 in this highly desirable submarket.”
Property rents 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 children’s pool, tennis courts, a clubhouse, an updated fitness center and an open green space with children’s playgrounds. picnic areas, grill stations and a playground.
The Inland Empire has seen rents soar during the COVID-19 pandemic as more tenants moved east for bigger apartments at cheaper prices. Vacancy rates in the two-county area fell to 2.7%, pushing rent up 16.4% to a record average of $2,002.
“Metro 3610 has benefited from phenomenal rental growth in the Inland Empire, which has topped 12% in the past 12 months and more than doubled since 2012,” said Stewart Weston, also at CBRE.
Industry movers and shakers
Newport Beach resident Chris Wright has been named vice president of construction for Goldrich Kest, a private property and property management company based in Culver City. In this new position, he will be responsible for leading the company’s pre-construction and construction efforts. 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 companies and upcoming events are compiled from news releases by editor Karen Levin. Submit high-res stories and photos via email to Business Editor Samantha Gowen at email@example.com. Please allow at least a week for posting. All elements are subject to change for clarity and length.