Real estate news: Oceanview apartments in Laguna Beach sell for $7.4 million
Sterling Plaza Apartments, a distinct, three-story apartment property in Laguna Beach passed down through generations of family owners, recently sold for $7.37 million
The sale price amounts to $614,583 for each of the 12 ocean-view apartments.
CBRE represented the Bay Area seller, saying it was the first time in 40 years that the property at 2607 Solana Way had sold.
“Sterling Plaza Apartments is a one-of-a-kind, highly recognizable property several stories high situated along Coast Highway in Laguna Beach, one of the most highly coveted rental markets in all of California,” said Mike O’Neill, a senior vice president at the brokerage.
The 62-year-old buildings were completed in 1962 and 1963 and feature 9,823 square feet of profitable space on a 12,577-square-foot lot. The buildings include one- and two-bedroom floor plans, “including a two-bedroom penthouse.”
“Sterling Plaza Apartments is surrounded by multi-million-dollar homes, some of the best luxury single-family real estate in all of Orange County,” highlighted O’Neill. “Residents are within walking distance to Arch Beach, Mermaid Beach and Victoria Beach, and the Montage Laguna Beach hotel is just a little further south.”
CBRE has sold a number of apartment properties in the city in recent weeks and months. Reps said that a few weeks after closing the Sterling deal, it closed escrow at 795 Saint Ann’s Drive. That property sold for $3.1 million and has two, three-bedroom homes plus a studio unit. Both the buyer and seller were based in Laguna Beach. The latest transactions marked the CBRE Multifamily SoCal Team’s 25th and 26th Laguna Beach closings.
“Orange County multifamily assets continue to attract buyers seeking a flight to quality, and we expect this investor demand to persist into the near future,” said CBRE’s Dan Blackwell. “These two sales mark the CBRE Multifamily SoCal Team’s 95th and 96th transaction in the city of Anaheim.”
ValueRock buys vacant restaurant in Aliso Viejo for $5.3M
ValueRock Realty Partners in Irvine recently paid $5.3 million for the former Macaroni Grill restaurant, sitting vacant now at Aliso Viejo Town Center.
Hanley Investment Group Real Estate Advisors represented both sides of the deal, including the unidentified seller from Florida.
ValueRock has not announced what it will put in place of the restaurant, which sits in the same corridor as another of its redevelopment projects. The firm says it’s nearing completion at The Commons retail shopping center, where it’s converting three stores, including a former Lowe’s, Michael’s and Tuesday Morning, into a Tesla showroom and service station and a 99 Ranch Market grocery store.
The firm also reworked a long-vacant Vons in Tustin into a 99 Ranch Market. The store opened in July.
Buchanan Street redeveloping Upland property into storage facility
Buchanan Street Partners in Newport Beach recently acquired a 2-acre Inland Empire property in Upland, which it will redevelop into a self-storage facility.
The firm spent $6.25 million for the property at 1382 East Foothill Blvd. It was the fifth California self-storage investment by Buchanan in recent years, the firm said.
Reps with Buchanan Street said the site is occupied by a vacant medical office building, which will be torn down and replaced with a four-story, 123,000 square-foot self-storage facility with 1,180 units.
“There is an extremely limited amount of new climate controlled self-storage supply currently available within this trade area,” said Feerooz Yacoobi, a vice president at Buchanan Street. “This new class A facility will fill a void within the marketplace.”
Construction will begin immediately and should be done by January 2026. DAI General Contracting is the general contractor, and Wintrust Bank is providing construction financing.
Holiday giving gala is Nov. 20 in Fullerton
CENTURY 21 Discovery in Fullerton is holding its 29th annual Celebrate Giving” charity dinner and auction on Nov. 20 at the Coyote Hills Golf Course.
The event acts as a launch for seasonal gift-giving for the brokerage’s Discovery Charity Foundation, a nonprofit that donates to charities in north Orange County.
Recipients this year are Boys and Girls Clubs of Fullerton, Hope Center, Meals on Wheels of Fullerton, National Giving Alliance Fullerton (NGA), Providence St. Jude Memorial Foundation, Radiant Futures and Tara’s Chance.
Tickets are $75 per person. For more information, call the Discovery Charity Foundation at 714-626-2888 or go to c21discoverycharityevent.com .
The firm said its philanthropic efforts have raised almost $470,000 in 28 years.
People on the move
Robert Feathers, a senior vice president at Kidder Mathews in Irvine, has earned the SIOR designation from the Society of Industrial and Office Realtors. Feathers is an industrial tenant advisory specialist. He and business partner Brian Bennett have closed more than 3 million square feet of sale and lease transactions valued at $325 million, according to the firm. Before joining Kidder Mathews, Feathers was a digital account coordinator with CNN in Century City and a sales representative for the Los Angeles Clippers.
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.