SteelWave venture buys former LA Times hub for $65 million; The Triangle sells for nearly $56 million

Written by OC Register Staff

Tribune Real Estate Holdings and its development partner Kearny Real Estate Co. have sold the Los Angeles Times’ former production plant and Orange County base in Costa Mesa for $65 million.

The 24-acre site sold to a joint venture that includes SteelWave, the developer behind The Hive, a mixed-use compound adjacent to the LA Times property. SteelWave also owns the Los Angeles Chargers’ practice facility.

Plans for the Times’ plant at 1350 South Coast Drive include turning it into The Press, a creative office space. Kearny previously said it had invested over $100 million to transform the 300,000-square-foot Times’ facility into office and recreational space.

The sellers were represented by Rick Kaplan and Rob Lambert of Cushman Wakefield.

CBRE and National Retail Partners West have completed the sale of The Triangle shopping center in Costa Mesa for nearly $56 million.

The complex is anchored by Yard House, TIME, a 24 Hour Fitness location, Tavern & Bowl, and the nine-screen Triangle Cinemas.

CBRE said the property was almost completely occupied at the time of sale. Philip D.  Voorhees, an executive vice president with CBRE, Jimmy Slusher, Kirk Brummer, Megan Wood, Preston Fetrow, Matt Burson and John Read, represented the seller — a partnership led by Greenlaw Partners, an Orange County-based real estate development and investment company. The buyer was a Los Angeles-based family office syndicate. The Triangle was built in 1992 and remodeled in 2012-2013.

Marcus & Millichap has closed the sale of La Paz Plaza, a 51,766-square-foot mixed-use property in Mission Viejo for $32 million. The center is 80 percent medical offices and 20 percent retail, according to the firm. Paul Bitonti, first vice president investments in Marcus & Millichap’s Newport Beach office, represented the buyer, a Laguna Beach real estate company in a 1031 exchange. The seller is a Newport Beach-based partnership.

CBRE has closed the sale of a complex of rental cottages in La Habra to a family trust for $5.3 million. CBRE’s Dan Blackwell represented the buyer, a private local investor, in the 1031 exchange. The seller, a family trust, was represented by Michael Cavner of WMC Consulting. The property at 141-237 Monte Vista includes 18 two-bedroom, detached single-family cottages. The units average 800 square feet and include upgraded kitchens, bathrooms and flooring. According to CBRE research, there are 250,000 rental units in Orange County with an average vacancy rate of 4 percent.

CapRock Partners, a real estate investment firm in Newport Beach, has bought a 97,000-square-foot industrial building in Commerce for undisclosed terms. CapRock in a statement said it bought the building off-market at “substantially below current market value.”  The property at 5331 & 5333 Slauson Ave. is fully leased, the company stated.

People in real estate

Matt Blashaw, the star of DIY Network’s “Yard Crashers,” has joined Coldwell Banker Residential Brokerage’s Newport Beach office as a team member with The Smith Group. Blashaw, who has been on HGTV and DIY for some nine years, was born in Long Beach and raised in Fullerton, earning a bachelor’s degree from Chapman University. He’s started his own charity called Build For Love, which helps give children suffering from illness or disability brand new room renovations.

Tim Slominski has joined mortgage lender New Penn as branch manager at the company’s new office in Costa Mesa. Slominski has worked in finance for more than 30 years and in mortgage lending since 2001. New Penn is based in Plymouth, Mass.

John Manzanares is the new executive vice president of information technology at CoolSys, a Brea-based refrigeration and HVAC company. Manzanares also serves as chairman of the board for the Southern California chapter of the Society for Information Management.

Milestones

Robert G. Thornburgh, partner and executive vice president of Kidder Mathews in Los Angeles, has been installed as the Society of Industrial and Office Realtors president-elect. Thornburgh will assume the presidency of SIOR in the fall of 2018. He previously CEO of Heger Industrial (now Kidder Mathews).

Awards

The Kawasaki Motors headquarters in Foothill Ranch has received the 2017 Remmy Award for Innovative Workplace over 50,000 square feet from the Southern California chapter of CoreNet Global, an association for corporate real estate professionals. Tangram Interiors in Newport Beach was part of the project team, which also included design firm H. Hendy Associates and project managers Hahn Partners. The project encompassed some 120,000 square feet and included more than 250 workstations, reception lobby, conference rooms and cafe area. Tangram said one of the unique challenges it faced in the design was providing each Kawasaki employee a choice of seven workstations.

Originally Posted on OCregister.com