Newport Beach firm buys Fontana mall for $70.5 million – Daily News
JH Real Estate Partners Inc. in Newport Beach has purchased the Inland Empire Center in Fontana for $70.5 million, according to CBRE.
The brokerage said the 309,500 square foot mall located at 16701-16873 Valley Blvd. has 16 plots and tenants, including Cardenas Market, Ross, Planet Fitness, Regency Theatres, Burlington, Taco Bell and several casual restaurants.
CBRE’s Patrick Wade and Alex Kozakov represented the seller, The Baralat Co. in Westlake Village.
“The sale of Inland Empire Center illustrates the huge resurgence in demand for centers anchored in well-located Hispanic grocery stores in Southern California in-between markets,” Kozakov said.
He said the brokerage had received several offers for the property.
CBRE researchers say retail vacancy levels will decline across the region, leading to higher rental rates through 2026.
Irvine investment firm buys apartments in Phoenix
Irvine-based SB Real Estate Partners and Los Angeles-based Marble Partners bought the 180 Cantamar apartments in Phoenix for $58.1 million.
The two-story complex has one-, two-, and three-bedroom floor plans, with air conditioning, 9-foot ceilings, patio/balconies, walk-in closets, and pet-friendly units. Amenities include pool and hot tub, clubhouse, and fitness center
David Fogler and Steven Nicoluzakis of the Cushman & Wakefield Multi-Family Advisory Group in Phoenix represented the seller, Cantamar Apartments Associates.
Avanath buys apartments in Washington, DC for $103 million
Irvine-based Avanath Capital Management LLC has purchased 2M Street Apartments in Washington DC for $103.5 million.
The 315-unit apartment tower sits north of the Capitol building and two blocks from the popular NoMa-Gallaudet U Red Line subway station.
“The Washington DC Metro has continued to operate over the past few years and is positioned for long-term growth,” said John Williams, president and chief investment officer at Avanath Capital Management. “Our strategy is to identify growth markets where there is a continued need and demand for affordability.”
He said 2M has a number of units reserved for low-income residents.
Avanath has over 1,500 units in the DC metro area and over 13,000 units across the United States
real estate people
Amanda Hawkins-Vogel has joined Twenty Four Seven Hotels in Newport Beach as executive vice president of operations for the company’s expanding portfolio of hotel properties. The hospitality veteran brings 30 years of experience to the business. Previously, she was Senior Vice President of Operations for Crescent Hotels & Resorts and previously Vice President of Operations for Sage Hospitality Group.
Patrick Lyons has been promoted to director of building services in the San Juan Capistrano office of Standard Communities, a national affordable housing investor and developer. He previously held the position of site manager. Lyons oversees the West Coast and Midwest construction teams, including all aspects of Standard Communities’ renovations, development and acquisitions in those regions. He has 10 years of experience in the construction industry.
Michael Jernigan has joined Costa Mesa-based Avanti Restaurant Solutions as Senior Design-Build Manager. A commercial kitchen designer with 25 years of experience, he comes from his own company, Jernigan Design Associates, where he has completed 250 restoration projects.
Real estate transactions, leases and new projects, industry hires, new companies and upcoming events are compiled from news releases by editor Karen Levin. Submit high-res articles and photos via email to Business Editor Samantha Gowen at [email protected] Please allow at least a week for posting. All elements are subject to change for clarity and length.