Luxury Apartments – $2 million condos coming to Newport Beach; $22 million logistics center planned in Anaheim – Orange County Register
Uptown Newport in total will have 1,244 homes and rental apartments, up to 11,500 square feet of retail and restaurants, and two 1-acre parks open to the public. The first phase of the project is building Parkhouse Residences, the retail spaces. The 458-residence One Uptown Newport apartment community is open and almost fully leased, Shopoff said.
Condo sales launch April 2021 with completion expected in late 2022.
$22 million logistics complex coming to Anaheim
A $22 million industrial logistics center is under development in Anaheim, according to Newport Beach-based North Palisade Partners.
The firm recently acquired the 7.75-acre site at 1477 No. Jefferson St. for $14 million and says it will develop the Palisade Anaheim Logistics Center on a speculative basis as a logistics yard.
North Palisade Partners bought the property from Torrance Logistics Co. with plans to develop a last-mile logistics and fulfillment center serving e-commerce tenants, according to Joe Mishurda, a managing partner at the firm.
North Palisade Partners said it will begin site improvements in March and should complete the project by November. The company also said it will customize the property according to tenant needs ranging from build-to-suit warehouses to customized low-coverage parking plans or truck terminals.
Michael Ma with Lee & Associates’ West Los Angeles office represented both North Palisade Partners and the seller in the transaction. Mike Hefner and Mike Vernick with the Anaheim office of Voit Real Estate Services is representing North Palisade Partners in the leasing efforts.
The TerraCotta Group based in El Segundo provided debt financing.
Medical lease expands in Brea
Innova Medical Group expanded its lease into a larger building at 465-495 Berry in Brea.
Innova was recently awarded additional new contracts to process and speed-up COVID-19 testing within the state of California.
The new three-year sub-lease is valued at $1.3 million, according to First Team Real Estate, which brokered the deal.
The building on Berry became vacant after sub-lessor Elbi of America moved to bigger digs in Anaheim in late 2020.
Karl Heim of First Team Real Estate represented both Innova Medical and Elbi of America in the new long-term lease.
On the move
Andy Dane Carter, a well-known investor, author, speaker and podcast host has formed a partnership with The Smith Group, a luxury brokerage within Coldwell Banker.
Cara Wright has joined Dermody Properties as a senior investment manager. Based in their regional office in Irvine, she will be responsible for supporting the team’s investment and development initiatives. Previously she as an investment coordinator at CenterPoint Properties, where she coordinated the acquisition and closing of approximately 4 million square feet of industrial properties across the Los Angeles, Oakland and Seattle markets.
Donovan Helminiak has been named director of knowledge management at KTGY Architecture + Planning’s Irvine office. He joined KTGY in 2015 and is the champion and facilitator for identifying, capturing and using knowledge to enable the people at KTGY to make the best decisions for clients and the firm. Previously, Helminiak held the position of KTGY’s knowledge manager.
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.