A tractor dealer who has leased an industrial building in Santa Ana for 45 years bought the longtime home for $8.6 million, according to a NAI Capital commercial.
Eberhard Equipment occupies a 9,780 square foot facility at 2506 S. Harbor Blvd. Since 1977.
The building dates back to 1956 and sits on approximately 2 acres. According to NAI, it was renovated in 2019 with a new roof and skylights.
The firm was headed by Greg Diab and Jack Haley of Lee & Associates, and David Knowlton and Steve Ehrich of NAI represented an unidentified seller at the trust.
“Buyers … benefited from long-term leases below market value, giving them a favorable sale price,” Mr. Knowlton said.
The family-owned company, founded by Ken L. Eberhard in 1945, currently employs 21 people, according to the Eberhard website.
Guthrie buys Fountain Valley building for $4.3 million
Irvine-based Guthrie Development Co. has purchased a 13,260-square-foot multi-tenant industrial building in Fountain Valley from an unidentified seller for $4.3 million.
The property 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.
CBRE’s Nick Spatafore represented both the buyer and the seller.
Guthrie Development plans to update its properties next, according to Dane Rowland, the company’s commercial real estate and business association manager.
Warehouse comes to Lincoln Way in Garden Grove
Two buildings in the Garden Grove industrial area will be demolished and replaced with Class A warehouses.
Scannell Properties purchased two parcels totaling four acres at 7390 and 7440 Lincoln Way from two vendors.
Scannell did not disclose the terms of the purchase.
In a statement, the real estate investment firm said it would demolish the building and build an 88,164-square-foot speculative warehouse.
Groundbreaking for the development is expected to begin in the second half of 2023. It will then be sold or leased.
Avanath to Purchase Six Complexes in Sacramento Area for $182 Million
Irvine-based Avanath Capital Management has acquired six affordable family and senior apartment complexes in the Sacramento area for a total of $181.6 million.
The portfolio includes four family communities and two senior affordable communities totaling 1,032 units.
Affordable family complexes include Anton Arcade, Norden Terrace, The Ridge and Whitney Ranch. Senior facilities include Corsair Park Senior and Harley Creek Senior.
With the acquisition, Avanath says it now owns 12 properties in the Sacramento area and manages a total of 1,854 units.
Avanath Founder, Chairman and CEO Daryl Carter said: “As the Northern California region is a hub for technology and other high-income industries, market-priced apartments have been pushed out of reach for many low-income families and seniors. To provide affordable housing for these renters, especially as inflation continues to rise.”
La Palma’s Silver Star buys Riverside apartment complex
La Palma’s Silver Star Real Estate has acquired a 304-unit condominium in Riverside, according to CBRE.
The brokerage firm representing the seller declined to provide terms of the deal.
Metro 3610 at 3610 Banbury Drive was built in 1984 on 15.2 acres. According to CBRE, many of the units have since been renovated.
“Refurbished units represent about 10% of the total and represent impressive revenue growth potential,” said CBRE’s Dean Zander. “Silver Star will continue to improve the balance of its units and will make additional common area upgrades to better position Metro 3610 in this highly desirable submarket.”
According to Apartments.com, rents for this property range from $1,857 to $2,633 for one- and two-bedroom units.
The complex features open green spaces with two swimming pools, spa and children’s pools, tennis courts, clubhouse, updated fitness center, picnic areas, barbecue stations and playgrounds.
The Inland Empire has seen rent skyrocket during the COVID-19 pandemic. This is because more tenants moved east in search of bigger apartments at cheaper prices. Vacancy rates in the area with the two counties fell to 2.7%, while rents rose 16.4% to a record average of $2,002.
“Metro 3610 is benefiting from the Inland Empire’s incredible rent growth of over 12% in the last 12 months and more than doubling since 2012,” said Stewart Weston, also of CBRE. increase.
Industry Movers & Shakers
Newport Beach resident Chris Wright has been appointed Vice President of Construction for Goldrich Kest, a privately owned real estate and property management company based in Culver City. In this new role, he will be responsible for leading the company’s pre-construction and construction efforts. Until recently, Wright served as Director of Development and Construction for MIG Real Estate, a family-owned investment organization whose real estate assets exceed his $3 billion.
Real estate deals, leasing, new projects, industry jobs, new businesses and upcoming events are compiled from press releases by contributing writer Karen Levin. Email your merchandise and high resolution photos to Business Her Editor Samantha Her Gowen at [email protected]. Please allow at least one week for publication. All items may be edited for clarity and length.