29 Nov Jonathan Cartu Says: Industrial complex in Garden Grove sells for $34 million –…
Rexford Industrial has acquired 12752-12822 Monarch St. in Garden Grove for $34 million.
Kevin Shannon, Scott Schumacher and Ken White, Jeff Read and Bret Hardy with Newmark Knight Frank represented the seller, Penwood Real Estate and Western Realco. Rexford Industrial was self-represented.
The property, built in 1971 and expanded in 1980, includes a four-tenant industrial building with 276,585 square feet on 11.1 acres; it’s almost fully occupied, according to NKF.
Rexford Industrial in a statement said it intends to reposition the property with “functional and cosmetic improvements” while replacing a portion of the building with other improvements.
NKF said west Orange County’s submarket is one of the county’s more desirable markets due to its access to major freeways. Seven cities make up the submarket with Huntington Beach to the west and south, Garden Grove further east and Cypress to the north. The industrial product types in the region are a combination of warehouse/distribution, manufacturing and low-rise R&D/flex space, the brokerage said.
Rexford Industrial also made two other big buys in Los Angeles County. The real estate investment trust bought 4.2 acres at 415 S. Motor Ave. in Azusa for $7.2 million and will build a 96,950-square-foot Class A industrial building on the parcel.
The REIT also acquired 508 East E. St. in Wilmington for $14.9 million. This property is adjacent to the Port of Los Angeles and includes a fully occupied industrial building on 3.45 acres. The property is occupied at below-market rents; Rexford said it intends to bring rents to market upon renewal or re-lease.
Rexford Industrial specializes on owning and operating industrial properties throughout Southern California infill markets, owns 211 properties with approximately 25.7 million rentable square feet and manages an additional 19 properties with approximately 1.2 million rentable square feet.
Mix-use work starts Utah
Irvine-based MVE + Partners’ is the project architect for Dixon Place, a 59-unit, Class A development in the heart of Salt Lake City’s Sugar House neighborhood.
The project, which recently broke ground, was designed for developer Lowe Property Group. The six-story, boutique apartment complex will have 35 one-bedroom and 24 two-bedroom units all featuring full kitchens and bathrooms as well as washer and dryers. The 2,200 square feet of ground-floor commercial space will house developer Lowe Property Group’s headquarters, and MVE + Partners will design the interiors of this space in addition to the entire apartment community.
“Salt Lake City is one of the fastest-growing regions in the U.S. and an extremely promising area for multifamily real estate development,” said Pieter Berger, senior associate partner at MVE + Partners.
Amenities will include a business lounge and conference room for remote workers, fitness center, no-cost bike share program, a coffee bar and pool table for residents. A two-story green wall will serve as a focal point in the lobby space and was inspired by the mountain vegetation surrounding Salt Lake City’s desert environment.
In addition to Dixon Place, MVE + Partners, in partnership with Lowe Property Group, will break ground on three other multifamily projects in Salt Lake City in 2020.
The Hospitality Sales & Marketing Association International will honor Paséa Hotel & Spa in Huntington Beach with a Silver Adrian Award for digital marketing excellence for its winning entry in the 63rd annual Adrian Awards. In 2019, the hotel introduced the bark park PAW-SÉA to its furriest guests. The 1,100 square foot outdoor pup play area comes outfitted with a lifeguard station doghouse and a wall mural featuring dog angel wings fit for coveted social media photos.
Paséa Hotel & Spa will be honored during the HSMAI Adrian Awards Gala on Jan. 21 at the New York Marriott Marquis.
People in real estate
Gina Hosanny has joined the Mission Viejo office of Coldwell Banker Residential Brokerage as an affiliate agent
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.