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    Real estate news: Santa Ana office towers sell at a loss for $82 million
    • April 14, 2023

    A twin office tower campus in Santa Ana sold for $82 million, according to the venture that bought it, nearly 36% less than what the seller, Blackstone, paid for it nine years ago.

    The 13-story Griffin Towers at 5 and 6 Hutton Centre Drive encompasses 560,000 square feet and was sold to Barker Pacific Group and Kingsbarn Realty Capital.

    Blackstone bought the property for $129 million in 2014, according to CommercialObservor.com.

    Newmark, which represented Blackstone, said the property in the Hutton Centre development underwent $8 million in upgrades in recent years, including a refreshed lobby, conference center, corridors, lobbies and bathrooms.

    An office sales report from Cushman & Wakefield shows high interest rates are putting a damper on deal volume in Orange County.

    Cushman’s report cited $401 million in office sales for 24 properties in the first quarter of the year compared with $285 million (16 properties) in late 2022 and $580 million (27 properties) in the first quarter of 2022.

    “Although this quarter had a slight uptick in sales activity, the deal volume will remain at reduced levels until interest rates level out or trend down to a more stabilized level. In the current environment, the expectation between buyers and sellers is too wide and neither party can agree on a value,” the report states.

    Griffin Towers was 68% leased at the time of sale, Newmark said. Key tenants include UKG, Michael Baker International, Tom Ferry International, Nations Direct Mortgage and HNBT.

    Office properties across the U.S. are struggling after the pandemic sent millions to work from home. Hybrid schedules mean companies need less space, pushing down demand for commercial real estate.

    “You have fundamentals under pressure from work from home at a time when lending is less available than [it has been] over the last decade,” said Rich Hill, head of real estate strategy at Cohen & Steers, told CNN. “Those two factors will lead to a pretty significant decline in valuations.”

    READ MORE: US offices are half-empty. That could be the next big risk for banks

    A 5-unit apartment building in Newport Beach sold for $3.6 million to Fahed Group Inc. The seller was Woods Family LP. (Courtesy of Cushman & Wakefield)

    5 Newport Beach apartments sell for $3.6 million

    A 5-unit apartment building in Newport Beach sold for $3.6 million or $720,000 per unit to Fahed Group Inc.

    Cushman & Wakefield brokered the sale for the buyer and seller, the Woods Family LP.

    The compound at 800-808 Amigos Way, completed in the 1970s, sits on not quite a third of an acre with two, two-story buildings. The apartments include two two-bed, 2.5-bathroom townhomes, two two-bedroom, 2-bathroom units, and a single one-bed, one-bathroom unit.

    “The property… offers an excellent unit mix and range of floorplans, with spacious units that far exceed the average one- and two-bedroom square footage,” said Mark Bridge, managing director at the brokerage. “The property’s Class A location in Newport Beach is also near major retail, educational and employment opportunities for residents.”

    George Urban Advisors, in partnership with Five Horizons Partners and DRA Advisors, bought The Row in Laguna Hills, a 25-building, 513,135-square-foot complex at 23251-23501 Avenida de la Carlota, 23452 – 23641 Ridge Route Drive and 23501 – 23562 Commerce Center Drive. (Courtesy of George Urban Advisors)

    George Urban Advisors, in partnership with Five Horizons Partners and DRA Advisors, bought Plaza Del Lago in Laguna Hills, a three-building, 100,812-square-foot complex at 23001 and 23015 Del Lago Drive and 23052 Lake Forest Drive. (Courtesy of George Urban Advisors)

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    2 Laguna Hills properties among portfolio purchase

    George Urban Advisors, in partnership with Five Horizons Partners and DRA Advisors, bought a portfolio of seven industrial properties in Orange and Los Angeles counties, encompassing 45 buildings and 851,131 square feet.

    George Urban Advisors, which declined to provide the purchase prices, will oversee property management.

    The Orange County properties included:

    The Row in Laguna Hills, a 25-building, 513,135-square-foot complex at 23251-23501 Avenida de la Carlota, 23452 – 23641 Ridge Route Drive and 23501 – 23562 Commerce Center Drive

    Plaza Del Lago in Laguna Hills, a three-building, 100,812-square-foot complex at 23001 and 23015 Del Lago Drive and 23052 Lake Forest Drive

    CBRE National Partners represented the seller. The buyer represented itself.

    Newport Beach-based Pacific Life has renovated its 465,000 square-foot headquarters. The design and architecture work was done by Hendy. (Courtesy of RMA Photography)

    Newport Beach-based Pacific Life has renovated its 465,000 square-foot headquarters. The design and architecture work was done by Hendy. (Courtesy of RMA Photography)

    Newport Beach-based Pacific Life has renovated its 465,000 square-foot headquarters. The design and architecture work was done by Hendy. (Courtesy of RMA Photography)

    Newport Beach-based Pacific Life has renovated its 465,000 square-foot headquarters. The design and architecture work was done by Hendy. (Courtesy of RMA Photography)

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    Pacific Life completes HQ renovation

    Newport Beach-based Pacific Life has completed a top-to-bottom renovation of its 465,000-square-foot headquarters.

    The design and architecture work was done by Hendy.

    The refreshed space is now outfitted with “engagement zones,” breakout rooms and collaboration areas for employees. There also are spaces for staff who need privacy, the company said.

    “As we look to further empower our employees and business, it’s important that our workplace offer the necessary design and resources,” said Sarah Balfour, workplace strategy manager at Pacific Life, in a statement. “Hendy’s design improvements showcase our prioritization of curating culture, relationship-building and collaboration.”

    Hendy partnered with Howe Bonney & Associates, Howard Building Corp, tk1sc, Tangram, Steelcase, Allsteel, Corporate Business Interiors and Bentley Mills on the project.

    Keith Labus at KTGY’s Irvine office has been appointed to the company’s board of directors. (Courtesy of KTGY)

    On board

    Keith Labus at KTGY’s Irvine office has been appointed to the company’s board of directors. He specializes in urban infill and mixed-use residential projects.

    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.

    ​ Orange County Register 

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