Wimbledon Glen Apartments
- The Mission Viejo Co. marketed 161 acres off Marguerite Parkway in Mission Viejo to J.M. Peters Co. The purchase price ended up being $42.9 million while the transaction rated 13th. Peters, a Newport seashore house builder, is creating a $200-million, 904-unit community for elderly called Palmia on the site, the company's very first foray into that form of housing. Peters in addition had the 22nd-biggest exchange on the record, a $30.6-million acquisition of 49.5 miles from Griffin houses in Calabasas in la County close to the Ventura County range, a place of extremely expensive deluxe homes which just now being intensively created.
- The 448-unit Casa Del Sol apartment complex on Brookhurst Avenue went for $35.3 million and rated 18th. The seller had been Matteson Investment Corp. as well as the purchaser was Richard J. Battaglia of Huntington seashore, a 45-year-old designer of overseas theme parks and a local property magnate. The deal ended up being part of a tax-deferred deal that included the purchase of Battaglia's 242-unit Woodlake Village flats in Los Angeles Habra.
- Ranking 19th had been another land transaction: 153 miles off Avenida Pico outside San Clemente. Flats, condominiums, a hotel and stores would be built on 90 of those miles. The area is surrounded by big housing improvements. Attempting to sell the parcel for $35.2 million was the area development arm of west Savings & Loan Assn., a troubled Phoenix thrift that is the owner of many land into the Rancho San Clemente area and has been running under the direction of national regulators since just last year. The buyer ended up being a partnership called Rancho San Clemente Town Center Associates, which will be half-owned by an organization called Shanco Inc., which is in turn possessed by Byron Tarnutzer for the Newport seashore development company Tarnutzer Cos. One other half of Town Center Associates is owned by Hexagon Group, a subsidiary of Uk clothes maker Burton PLC. Tarnutzer said the land has recently been rezoned to allow for the apartments, condos and stores.
- In 20th spot had been the Somerset Park apartment complex on Jefferson Avenue in Placentia. Buying for $33.2 million was the Pacific Co. marketing had been Somerset Park developing.
- Ranking 21st was another parcel purchased by J.M. Peters and a partner, Canadian residence builder Bramalea California Inc. in Costa Mesa. That parcel had been 282 acres off Portola Parkway northeast of El Toro, in the pipeline for residential development. The cost had been $33 million therefore the seller was Foothill Ranch Co., a partnership of Hon Development Co. of Laguna Hills, reported to be one of the biggest landowners within the county. Peters stated it intends to develop 500 domiciles on its share associated with land.
- Another apartment-complex sale ranked 25th, the Wimbledon Glen flats on Buckingham Drive in Costa Mesa. Offering for $26.8 million ended up being Wells Fargo Bank. The buyer had been Arnel Management Co., a subsidiary of this huge Costa Mesa apartment creator and supervisor Arnel developing Co.
COMPS warned that it just reports discounts that it can confirm, so some huge deals for which details could not be acquired might have been left out.
SOME BIG PROPERTY DEALS IN ORANGE COUNTY
Of the 25 biggest property discounts in Southern Ca this past year, 11 occurred in Orange County, relating to COMPS Inc., a north park market research company. Four of transactions involved company advancements, together with other people had been purchases of apartments and land for residential development.
Pictured would be the top workplace expenditures when you look at the county in 1988.
PACIFIC FINANCIAL PLAZA
Place: 800-840 Newport Center Drive, Newport Beach
Utilize: 2 office buildings and restaurant
Price: $83 million
Buyer: California State Teachers Pension System
Seller: Pacific Mutual Life Insurance Coverage Co.
Size: 268, 887 square feet
NEXUS FINANCIAL CENTER
Area: 711 S. Parker St., Orange
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