Related California wants to replace a movie theater at Newport Beach’s Fashion Island with 140 condos.
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Related filed plans to build two condo projects, one 18 stories and the other 21, at 210 and 300 Newport Center Drive, the Orange County Business Journal reported. The theater on the chopping block is the Regal Edwards Big Newport. The condo project would also feature a 138K SF parking garage for 280 cars.
PEOPLE
Cox, Castle & Nicholson added two new partners. Laura Cable is a tax attorney whose practice focuses on income tax planning for real estate transactions, including advising on tax implications of proposed acquisitions, dispositions and exchanges of real property.
Ira Klein, who works from both Los Angeles and San Francisco, is an environmental attorney who represents developers in the remediation and redevelopment of complex contaminated properties, including at former power plants and landfills.
SALES
Tishman Speyer sold 9242 Beverly Blvd. in Beverly Hills to Envision and Faring for $90M, or $675 per SF.
Tishman Speyer acquired the office at the corner of Beverly and Santa Monica boulevards in 2005 for around $38M. The 133K SF building was completed in 1990.
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CBRE arranged the $12M sale of 6060 Cornerstone Court W, a 67K SF office building in San Diego. The buyer, local private investor Sorrento Biotech Center LLC, plans a life sciences conversion of the property.
The property has been corporate owned and occupied since it was built in 1985.
CBRE's Matt Carlson, Hunter Rowe, Camille Doan, Alex Hayden, Barbara Perrier, Mike Longo, Matt Pourcho and Anthony DeLorenzo represented the undisclosed corporate. Chris Duncan of Voit Real Estate represented the buyer.
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JLL handled the sale of a roughly 21K SF multitenant industrial building at 5924 Balfour Court in Carlsbad to manufacturer Yunqun LLC for $6.3M. Yunqun LLC will occupy 12K SF of vacant space in the building, with move-in expected this year. The rest of the space is occupied by tenants, which will provide income for Yunqun.
JLL’s Chris Baumgart and Steven Field represented the seller, The Gildred Cos. Colliers’ Hank Jenkins, Mike Erwin and Tucker Hohenstein represented the buyer.
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CBRE National Partners’ Joe Cesta, Barbara Perrier and Eric Cox, along with Josh Hayes and Eloy Covarrubias, represented Brookfield in the sale of Slover & Elm Commerce Center in Fontana to TA Realty for an undisclosed price.
The 193K SF, Class-A industrial facility at 15521 Slover Ave. was constructed in 2022. The building is 100% leased and features 23 dock-high doors, 32-foot clear height and a secure truck court.
CONSTRUCTION AND DEVELOPMENT
Cityview and Stockbridge have topped out on Apollo, a 265-unit apartment project in the South Bay city of Gardena. The eight-story development’s wood framing is now complete.
The property will offer studio, one-bedroom and two-bedroom floor plans. Community amenities will include a pool and spa and a CV Works coworking center.
The project is expected to complete later this year.
THIS AND THAT
Brookfield tapped Colliers’ Integrated Advisory Services Team as the exclusive leasing team for its California Market Center at 110 East Ninth St. in the Fashion District. The 1.9M SF creative office and mixed-use space spans three buildings and 13 floors. It is targeted to fashion business tenants.
Colliers Vice Chair Matthew Heyn, Executive Vice President Ian M. Gilbert and First Vice President Kristen Bowman will lead the marketing and leasing efforts.
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