The buyer was “a residential developer,” Buchanan reps said, though they offered no further details on plans for the property at 1400 and 1420 Bristol Street North.
“We were in the process of implementing the adaptive reuse of the buildings when we entered into negotiations with a residential developer,” said Matt Haugen at Buchanan Street Partners. “Based upon the property’s flexible zoning, we were able to accelerate our investment realization through a sale …”
Buchanan bought the campus in 2020 for $11.5 million. The 45-year-old buildings were just 22% leased at the time of the sale.
Goddard School signs 75-year lease in Tustin
A Goddard School is coming to the north side of Tustin’s District Legacy community.
PJRJPA Venture LLC signed a 75-year ground lease with South Orange County Community College District for 1.44 acres. The transaction is worth $27.3 million, according to NAI Capital Commercial, which represented the landlord.
PJRJPA Venture is building the preschool and childcare facility at the Advanced Technology and Education Park in the Tustin Legacy area.
The school will span 14,400 square feet and include outdoor play areas and parking lot. The school should open this fall.
Alere in Newport Beach buys Fontana land for $39 million
Alere Property Group in Newport Beach bought 17.42 acres of industrial land in Fontana for $39 million, according to NAI Capital Commercial.
The property at 13592 Slover Ave. is entitled for two, Class A warehouse-distribution buildings totaling 350,000 square feet. Alere plans to build out the complex in 2024 and offer the buildings for lease, according to NAI.
“Demand for quality industrial distribution facilities and industrial land remains strong, which in turn has sustained values for both Class-A bulk distribution facilities and land,” said Richard Lee at NAI. “Rental rates, sales prices and land values continue to be solid.”
Erikson-Hall promotes Gates as company transitions to ESOP
Mat Gates has been appointed president of Erickson-Hall Construction Co. The company says he has experience working on complex projects across Southern California. His appointment, the company said, comes at a pivotal time as it transitions to an Employee Stock Ownership Plan. Gates joined Erickson-Hall in 2004, and has risen from project manager to president.
“This team absolutely deserves to benefit from the hard work they put in every day to ensure Erickson-Hall’s success as employee-owners,” Gates said in a statement.
Bendetti hires director of acquisitions
Jon Moyer has joined Irvine-based Bendetti as director of acquisitions, a new position for the industrial real estate firm.
Moyer will be tasked with generating and evaluating investment opportunities.
Previously, he was vice president of acquisitions for CREDE where he directed land acquisitions and due diligence for industrial and multifamily real estate developments in Arizona, Hawaii, Nevada, Texas and Utah.
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 [email protected]. Please allow at least a week for publication. All items are subject to editing for clarity and length.