La Paz Village in Laguna Hills sold for $23.5 million, according to Institutional Property Advisors, a division of Marcus & Millichap.
Located at the intersection of Highway 5 and La Paz Road, the center has a variety of small tenants, including a dental office, yoga studio, salon, optometry, and Italian restaurant.
Cape Point Development in San Clemente purchased the 54,566-square-foot mall built in 1974. The center received a facelift in 2012, according to the IPA.
IPA Senior Director Bill Rose and Marcus & Millichap’s Steven Siegel, Glen Kunofsky and Anthony D’Ambrosia represented the unidentified vendors.
Santa Ana Investors Buy Chino Mall for $42M
Red Mountain Group has purchased Santa Ana’s Country Fair Shopping Center, a 168,264-square-foot mall in Chino, for $42.25 million, Newmark said.
Newmark said the property was sold by an unidentified real estate fund based in New York.
Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller in the transaction.
“Red Mountain Group remains aggressive in its quest to acquire high quality retail businesses in Southern California and beyond,” Rudy said in a statement.
Anchors at the center include Albertsons and PetSmart. Other tenants include Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin Williams.
Bascom is spending $44.5 million on more homes in the Central Valley
Bascom Group of Irvine has acquired two residential communities in the Central Valley for a total of $44.5 million.
The Casa de Luna Apartments and Casa del Sol Apartments in Fresno are Bascom’s 25th multi-family acquisition in the Central Valley and 130th in California, according to the company.
Bascom bought the 236-unit portfolio in an over-the-counter transaction.
Casa de Luna and Casa del Sol were built in 1967 and 2006, respectively, and their interiors are in original condition or have only been slightly updated, the company said.
Amenities include pools and fitness centers. Apartments, Bascom said, are mostly two- and three-bedroom floor plans.
“We have seen high demand for renovated residential units in the Fresno market over the past few years,” said Lee Nguyen, senior principal at Bascom.
He said both complexes will be renovated to unify interiors, exteriors and their amenities.
“Our focused renovation plan will present tenants with a variety of finish levels and price points for the interiors of the units,” he said.
Prior to the closing of this transaction, Bascom said it had purchased 128 multi-family homes and 20,537 units in California.
RanchHarbor, JV partner acquires industrial complex in San Dimas
Newport Beach-based RanchHarbor and Manhattan West, a Los Angeles-based real estate investment and management firm, have purchased a 12-acre industrial warehouse complex in San Dimas in a joint venture.
Financial terms of the deal were not disclosed.
The property consists of four buildings totaling 91,000 square feet with 44 suites.
The venture purchased the property in an off-market transaction from an unidentified seller.
The San Dimas transaction was brokered by Lee & Associates.
WNC forms new company and hires CIO to execute
Irvine-based WNC, an affordable housing investment and development firm, has formed a new subsidiary, Preservation Equity Fund Advisors, or PEF Advisors, and has appointed Ann Caruana as its President and Chief Investment Officer.
PEF Advisors is a registered investment company that it said will acquire and maintain existing affordable housing in high-priced markets.
Caruana comes to the position with 19 years of experience in the multifamily investment sector, including underwriting and acquiring affordable rental housing investments.
She served for three years as senior vice president of WNC’s conservation equity funds, where she oversaw the acquisitions and asset management teams.
WNC is an investor in real estate and community development initiatives.
Real estate transactions, leases and new projects, industry hiring, new ventures, and upcoming events are compiled from news releases by contributing author Karen Levin. Email articles and high-resolution photos to Business Editor Samantha Gowen at email@example.com. Please allow at least a week for publication. All elements are editable for clarity and length.