Manny Khoshbin, collector of supercars and commercial real estate, recently bought another Orange County property, this time the two-building Orangewood Corporate Plaza in Orange.
The eponymous Khoshbin Co. paid $18.9 million for the 109,644-square-foot office complex at 2100-2200 W. Orangewood Ave., just east of Angel Stadium. The sale closed Aug. 22.
CBRE represented the seller, an LLC based in Boston, in the transaction.
The buildings sit on 4.46 acres and were 84% leased at the time Khoshbin bought it, CBRE said. The seller spent $3.3. million on recent capital improvements, upgrading the HVAC systems, roofing, landscaping, and interior common areas.
“Orangewood Corporate Plaza offers stable cash flow, strong leasing momentum and a strategic location near some of Orange County’s most dynamic growth corridors,” said DeLorenzo. “The buyer recognized the long-term value in a well-performing office campus with upside potential in a market that continues to attract investment.”
Khoshbin, an Iranian native who immigrated to the U.S. when he was 14, got into real estate by age 23. Today, the Newport Coast resident has a large social media presence, sharing his life of Bugattis, parties and family events with 3.3 million followers on his “Never Give Up” Instagram page.
In 2021, he bought the shuttered Trinity Broadcasting Network campus in Costa Mesa for $22 million. The city is now considering a proposal that would demolish the TBN campus and replace it with a 142-unit housing development by Meritage Homes.
Soundcoat shifting to Santa Ana from Irvine
The Soundcoat Co. signed a $7 million lease for 2,775 square feet in Centerpoint Harbor in Santa Ana, according to Voit Real Estate.
The landlord, Centerpoint in Illinois, was represented by CBRE.
New York-based Soundcoat is moving its manufacturing hub to 2721 S. Harbor Blvd. from Armstrong Avenue Irvine. The company works in acoustic engineering, testing services, and thermal-acoustic materials. The move will add nearly 21,000 square feet to its production hub.
“This relocation is significant for us,” Chip Morrow, general manager at Soundcoat, said in a statement. “Some of the most advanced markets we serve — particularly on the West Coast — hold exceptionally high standards. Expanding our space allows us not only to keep pace with this growth but also to enhance our capabilities so we can continue meeting and exceeding those expectations for both existing and new customers.”
Hyundai expands office space with Irvine lease
Hyundai Motor Co. in late July signed a “long-term” lease for all five floors of 2300 Main in Irvine, according to Manova Partners.
Financial terms of the lease were not provided. The building previously was leased by Optum’s specialty infusion pharmacy.
The Munich, Germany-based Manova bought the 133,745-square-foot building at 3300 Main St. in 2018 for $46.6 million, according to records provided by PropertyShark.
David Dowd and Jennifer Whittington at CBRE represented Manova in the lease.
The brokerage’s latest report on office space in Orange County shows a mixed picture for property owners.
New leasing in the year’s second quarter increased 23% quarter-over-quarter with 279 contracts signed for 1.8 million square feet. That was up from 226 transactions for 1.2 million square feet in the first quarter. Net absorption (the change in occupied space) remained negative but improved to 203,000 square feet from 415,000 square feet in Q1.
Hyundai Motor America is based in Fountain Valley.
9 units in Fullerton fetch $2.8 million
A nine-unit apartment complex in Fullerton traded hands Aug. 22 for $2.8 million or $311,111 per unit, according to Marcus & Millichap.
The buildings at 1531-1551 South Brookhurst Road includes four three-bedroom, two-bathroom units and five two-bedroom, two-bathroom units in 7,864 square feet.
“This property hit the market for the first time in 28 years,” said Greg Bassirpou, a managing director at the brokerage. He represented the buyer, who plans to make “extensive interior and exterior renovations.”
Industrial property in Stanton snags $4.7M
An industrial property at 7562 Orangewood Ave. in Stanton sold Aug. 11 for $4.7 million, according to Lee & Associates in Orange.
The buyer and seller of the 13,680-square-foot building were identified by the brokerage as Orangewood HN TN LLC and Francios O. Laib Trust, respectively.
“The sale of this property reflects the enduring demand for well-located industrial facilities in Orange County. Industrial remains one of the most resilient and competitive sectors in commercial real estate,” said Jeff Gahagan at Lee & Associates.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com . Please allow at least a week for publication. All items are subject to editing for clarity and length.