The longtime home of Concorde Career College, a two-story, 45,451-square-foot office property on 4 acres in Garden Grove, has been sold for $14 million.
The seller, Pacific Development Partners LLC, and the buyer, Brooklyn Cos., were both represented by Newmark.
The building at 12951 S. Euclid St. has been leased to the medical and dental vocational school since 1999.
Affordable housing group buys 2 properties in Colorado
Irvine-based Preservation Equity Fund Advisors LLC has bought two affordable housing communities in Colorado.
Terms were not disclosed by the real estate private equity group.
Reflections Senior and Woodbridge Senior Apartments in Fort Collins are within 5 miles of each other.
Reflections Senior includes five, two-story, garden-style buildings with 48 one-bedroom units and 24 two-bedroom units. Woodbridge Senior is one three-story building with a unit mix of 40 one-bedroom units and 10 two-bedroom units.
Affordability restrictions across both properties will limit residents to households at 42% of AMI. Preservation Equity Fund Advisors primarily buys existing affordable housing in high-cost markets.
“Millions of American families, senior citizens and veterans cannot find housing they can afford,” said Rich Bennion, senior vice president capital markets at PEF Advisors. “The sustained demand and reduction in supply of affordable housing is a serious issue PEF Advisors is addressing through its preservation investment strategy.”
LA investor buys industrial site in Irvine
Cohen Asset Management in Los Angeles has bought the 46,000-square-foot industrial building at 9701 Research Drive near the Irvine Spectrum shopping area.
Terms of the deal were not disclosed.
Lee & Associates Orange office represented both the buyer and the unidentified seller.
Stephen Logan is the newly tapped senior vice president of urban development at Irvine-based Shopoff Realty Investments. He will manage and oversee the company’s redevelopment of urban infill development opportunities. Logan comes to Shopoff with 25 years of commercial real estate expertise overseeing the development of mostly West Coast properties. He was most recently at Merlone Geier Partners overseeing all major retail, mixed-use, hospitality and office development/redevelopment for the firm.
Donovan Stephens is the new general manager at DoubleTree Suites by Hilton Hotel Doheny Beach. Sabrina Schroeter also is the hotel’s new director of sales and marketing. The hotel is managed by HRI Lodging. Stephens and Schroeter will oversee the coastal hotel’s 196 rooms, dining venues, outdoor pool, fitness center and indoor and outdoor event space. Stephens has two decades of experience managing and operating U.S. hotels. He most recently served as general manager of the 342-room DoubleTree Pittsburgh Downtown, Penn. Schroeter, with three decades in the trade, has served in sales roles at hotels across California. Most recently, she served as the director of sales for DoubleTree Irvine Spectrum.
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 firstname.lastname@example.org. Please allow at least a week for publication. All items are subject to editing for clarity and length.