Commercial Real Estate Deals for the Week of June 17, 2024
A roundup of notable commercial real estate transactions.
Homebuilder Landsea Homes Corp. acquired 7225 and 7227 Edinger Ave. in Huntington Beach from Brandywine Development Corp. for $52 million on June 11. The properties include sites for 129 homes in an all-electric community dubbed Essex + Gage. Land development has already started, and the community will begin selling to the public in spring 2025.
“We have been expanding rapidly across California, and this acquisition marks an exciting milestone for Landsea Home,” said Tom Blaine, California division president, in a statement. “This is our entrance to Orange County’s desirable coastal city of Huntington Beach.”
The property, located at the corner of Edinger and Gothard, will include three-story townhomes with 11 different floorplans ranging from 1,097 square feet to 2,516 square feet. Amenities include a pool and spa, outdoor barbecue and firepit area, public open space with a dog park and bike racks.
Dallas-based Landsea Homes has developed in New York, Boston, New Jersey, Arizona, Colorado, Florida, Texas and throughout California in Silicon Valley, Los Angeles and Orange County.
Northridge
Developer Trammell Crow Company acquired a 4.78-acre site in Northridge from Brookfield Corp. for $22 million on June 18. The developer’s residential subsidiary High Street Residential plans to build a 350-unit multifamily building on the site. It expects to break ground in early 2025 and complete the project in 2027.
The project is located within the Northridge Fashion Center mall and is located close to the Cal State University Northridge campus. Plans call for a five-story structure with above-ground parking. Amenities will include a fitness center, clubhouse, coworking areas, an outdoor pool, a dog spa and a rooftop deck. The sale was brokered by Northmarq’s Los Angeles multifamily investment sales team consisting of Mike Smith, Jim Fisher and Vince Norris.
“We believe that this is one of the best development sites right now in Los Angeles County,” said Alex Valente, principal with High Street Residential, in a statement. “The location is steps away from the highly activated Northridge Fashion Center Mall – an amenity in and of itself to our future residents.
TCA Architects Inc. is acting as the architect of record for the project. Other partners include BORDER as the landscape architect, CDC Designs for the interior design process, VCA Structural Engineers and Parking Design Solutions.