More affordable apartments are coming to Irvine.
Irvine Community Land Trust and partner USA Properties recently paid $26.5 million for a nearly 5-acre redevelopment site at 2400 Barranca Parkway in the Irvine Business Complex, according to Institutional Property Advisors.
The brokerage, a division of Marcus & Millichap, said the partnership will convert the site into an apartment complex.
“The selected buyer will look to develop much needed affordable multifamily housing on the site.” said Kevin Green, IPA executive managing director investments.
The firm represented the seller, Gemdale USA.
The city is making a big push for apartments as it works to update its state-mandated housing plan, which includes 23,600 new units by 2029. That plan includes about 15,000 affordable units for households earning less than local median wages. Two years ago, Irvine’s city council gave the green light to Irvine Company for 4,536 new apartments – with 1,025 of them slated for affordable rents.
Logistics hub debuts in Santa Ana
A new logistics hub is ready for business on Harbor Boulevard in Santa Ana, just a year after the two-building office campus Elevate@Harbor was demolished.
As demand for office space stalled during and after the Covid-19 pandemic, Kearny Real Estate Co. and Dune Real Estate Partners partnered on the 163,000-square-foot facility, which replaced the mid-rise office towers at 3130 and 3100 S. Harbor Blvd.
Longtime tenants, including Optima Tax Relief, fled the aging building to other properties in Orange County, and the wrecking machines quickly moved in.
The building offers 36-foot clear heights with 17 dock-high doors, sprinklers and a 185-foot-deep truck court. It comes with rooftop solar panels and tenant parking stalls with EV charging.
Office space, which stands at 7,000 square feet, can be expanded. The building also can be divided into 98,000 square feet chunks.
So far, there is no tenant for the space. CBRE is managing leasing.
On the move
CapRock Partners in Newport Beach recently promoted three executives. Bob O’Neill, who joined the firm as its ninth employee in 2016, is now executive vice president and leads CapRock’s acquisition and development efforts in California, Arizona, Oregon and Washington. Paul Liebermann, promoted to senior vice president, leads the fund and asset management teams. Sean Grubbs, also promoted to senior VP, leads all lender relationships.
Kellie Reed was recently promoted to vice president of Business Development and Healthcare for Southern California at Tangram Interiors in Newport Beach. In addition to leading the business development team, Reed also will maintain leadership of Tangram’s SoCal Healthcare sales team.
Snyder Langston in Irvine has promoted several people at the construction firm. Zenith DeRosier, Adam Schneider, Stacey Stockmeyer and Chris Voros each were promoted to vice president. DeRosier, who joined the firm in 2014, will drive growth in the Los Angeles market. Schneider, who also joined the company in 2014, is VP of Residential. Stockmeyer, who joined in 2019, is VP of Human Resources & People Development. Voros, joining Snyder Langston in 2016, is VP of Operations.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com . Please allow at least a week for publication. All items are subject to editing for clarity and length.
