Real estate news: 5-building campus in Aliso Viejo sells for nearly $150 million

Development firm Newcastle Partners, Inc. sold this Perris distribution center for more than $16 million. (Courtesy Photo)

Aliso Viejo complex sold

NKF Capital Markets has completed the sale of The Summit Office Campus, a five-building, 479,451-square-foot office project in Aliso Viejo.

Terms were not disclosed, but the firm in a statement said it was the second sale transaction over $100 million for the team led by Kevin Shannon, NKF’s co-head of US Capital Markets. Industry sources said the deal was near $150 million.

Shannon, executive managing directors Paul Jones, Brunson Howard and Ken White and managing directors Rick Stumm and Blake Bokosky represented the seller, an unidentified global investment adviser. The buyer, Rockpoint Group in San Francisco, was self-represented.

Built between 1998 and 2000 and located at 65, 75, 85, 95 and 101 Enterprise on roughly 21 acres, the campus includes three, three-story and two, four-story multi-tenant office buildings. The complex is 79 percent occupied by tenants including Tech Space, NuVasive, Pacific World Corp. and Microsoft.

TA Realty, a real estate investment firm with offices in Newport Beach, has bought the Harley Knox Logistics Center, a lumber distribution center in Perris, for $16.35 million.

Newcastle Partners, a San Francisco-based developer, was the seller.

The 147,000-square-foot facility was completed in September. Hardwoods Specialty Products, a distributor of lumber and other building supplies, has a long-term lease for the building at 17610 Harvill Ave., east of the 215 freeway, according to Newcastle Partners.

Cushman & Wakefield’s Jeff Chiate and Mike Adey represented Newcastle in the deal. TA Realty, with its base in Boston, represented itself.

— Andrew Edwards, staff writer

Nursing school lease

NKF’s Irvine office completed a $16 million, 130-month lease for CNI College, an Orange County-based nursing school. The 52,095-square-foot Pacific Center building is at 1610 St Andrews Place in Santa Ana.

Drew Netherton, a senior managing director at NKF, represented the tenant. CBRE’s Ross Bourne represented Brookhollow, the landlord.

CNI College will be relocating and expanding from its location in Orange. Pacific Center is a two-building, two-story office complex totaling 202,733-square-feet of space.

New industrial complex

Panattoni Development Co. has broken ground on a new industrial development – Orange County Commerce Center — on the city line between Anaheim and Placentia.

Panattoni is developing the property in partnership with Principal Real Estate Investors.

The four-building complex will total 232,000 square feet. Panattoni acquired the 10-acre land parcel in 2017. DAUM Commercial’s Chris Migliori directed the sale.

The four buildings range in size from 47,813 square feet to 69,882 square feet. Construction is expected to be completed in the early part of first-quarter 2019. Address: 711 & 721 S. Van Buren St., Placentia, and 1365 & 1367 S. Van Buren St., Anaheim.

Migliori has been retained as the listing agent and eventually will be marketing the buildings for lease.

SVA Architects is growing its base as the firm turns 15. The company has relocated to 6 Hutton Centre Drive, Suite 1150, in Santa Ana. The move, the company said, has almost doubled the team’s office size. SVA employs more than 50 professionals in offices in Santa Ana, Oakland, San Diego, and Honolulu.

Sentinel Development in Irvine has changed its name to Sentinel Real Estate Group. The company also has opened an office in New York. According to CEO Colby Durnin, the new name more accurately represents the variety of commercial real estate services the firm offers. In other company news, Kimberly Carter has joined Sentinel as managing director of business development and will oversee the New York office. A Southern California native, she started her career in commercial real estate law and finance at Allen Matkins, and later worked as in-house counsel at Montage Hotels & Resorts before relocating to New York.

Adam Candler has been named a commercial loan officer for Arixa Capital, a non-bank lender to real estate investors and developers. Candler comes to Arixa with over five years of experience in real estate investments, structured finance, and asset management.

Tim and Michele Morissette have joined the Irvine office of Coldwell Banker Residential Brokerage as affiliate agents. They come to the office with 40 combined years of real estate experience. Before affiliating with Coldwell Banker, they were agents with First Team. They are Foothill Ranch residents.

Offline this week

This week Jeff Lazerson’s radio show on KLAA 830AM, otherwise known as the Angels radio station, is on hiatus this week as the Angels’ game will preempt the show.

Lazerson is a contributing columnist for the Orange County Register and the Southern California News Group. His weekly “Mortgage Grader” radio show airs at 10 a.m. on 830AM.

If you have a question for Lazerson’s radio show, keep this dial-in number handy: 714-283-0830.

The real estate briefs are compiled by contributing writer Karen Levin and edited by Business Editor Samantha Gowen. Submit items to High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.

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