Vanguard University in Costa Mesa is in a unique position: it has real estate it doesn’t need.
The for-profit university hired JLL and Morgan Skenderian Investment Real Estate Group to help sell its off-campus Vanguard Centre, a nearly 2-acre property in the city’s eastside.
Instead of using Vanguard Centre as student housing, the university is opting to consolidate students to on-campus dorms.
The university “is focused on satisfying the needs of our growing student body through premier academic programs, campus facilities, and student life,” said Vanguard University President Michael J. Beals.
The property features several buildings and a combined 40 housing units at 115 Santa Isabel Ave.
Since the university has a conditional use permit for Vanguard Centre, any new owner would have to submit plans to change the property’s use, according to the brokerages.
The brokerages suggested in marketing material that California’s Density Bonus Agreement law could be a potential draw for a new owner willing to build affordable housing on the property. The law requires developers designate a certain number of housing units as affordable. Using that premise, a new owner setting aside 20% of the units as low-income would be able to add 14 units to a new total of 54 apartments.
The university plans to vacate the property by June 2026.
San Clemente units with ocean views fetch $2.7 million
A six-unit apartment complex in San Clemente sold Nov. 19 for $2.7 million or $445,833 per unit.
The seller was a family trust, according to Morgan Skenderian Investment Real Estate Group. The buyer was an LLC.
Located at 230 Avenida Montalvo, also known in the community as the “Loop” neighborhood, the blufftop property built in 1964 comes with ocean views from every unit. The brokerage notes the property was family owned for 40 years.
Key to the new ownership, the property is situated in a designated Short-Term Rental Zone and is a short walk to San Clemente State Beach, Califia Park and Bluff Trail. The new owner will have to apply for a short-term rental status, the brokerage indicated.
Morgan Skenderian Investment anticipates the new owners could see a projected 45% increase in rent.
The units are all two-bedroom, two bathroom layouts with washer-dryer hookups, balconies and carports.
Improvements to the property include new roofs, an electrical upgrade, replacement of all exposed plumbing, new windows, sliders, wood siding and insulation.
3 Surf City townhouse units snag $2 million
A three-unit townhome complex in Huntington Beach — just a few blocks from Bolsa Chica Wetlands — traded hands Nov. 18, selling for $2.02 million or $673,333 per unit.
The buyer was William Castelblanco and Garrett Pore, while the seller was Mark Yang, according to Morgan Skenderian Investment Real Estate, which represented Yang.
The property, at 17108 Sims Lane in the Harbour neighborhood, was built in 1981 with townhouse-style units that include two bedrooms plus a loft, two and a half bathrooms, and direct-access to two-car garages.
The units have been under the same ownership for at least 30 years.
Morgan Skenderian reps said the property closed with two vacant units, which average 1,466 square feet. Other features include washer-dryer hookups, fireplaces and patios.
Trade show display maker Soardist leases in Garden Grove
Chicago-based Soardist USA Inc. signed a seven-year lease valued at $3.3 million for a 30,000-square-foot warehouse at 7089-7091 Belgrave Ave. in Garden Grove, according to Voit Real Estate Services.
Voit represented the landlord, BPP Pacific Industrial CA REIT Owner 2 LLC, in Irvine. Soardist was Lee & Associates Dallas/Fort Worth office.
Soardist moves in Dec. 1.
Using large-format printing machines, Soardist makes a variety of items used in trade show displays such as custom canopy tents, flags, apparel and table covers.
USC claims LA real estate challenge
USC won the silver shovel award at the annual NAIOP SoCal USC vs. UCLA Real Estate Challenge, which featured a 2.85-acre site in the city of Pico Rivera.
The site, owned by Optimus Property Group, sits along Washington Boulevard, an arterial road surrounded by industrial operations, according to NAIOP.
The parcel was chosen because it’s part of transit redevelopment plans that stretch through Pico Rivera and the region. Students from both universities proposed plans to match city initiatives “to maximize transit-oriented development,” especially where improvements are in the works.
USC’s winning proposal, called Rosemead Crossing, included “a transformative mixed-use vision featuring townhomes, multifamily (with affordable units), and grocery-anchored retail,” according to NAIOP.
UCLA’s plan, dubbed Proxima, included a mixed-use community with 230 affordable apartments, retail, parks and public spaces.
This year, the honorary captains were Brett Dedeaux, chief executive of Dedeaux Properties, and Mary Ricks, former president of Kennedy Wilson.
In its 28th year, the contest pitted five-member graduate student teams from the Ziman Center of Real Estate at UCLA’s Anderson School of Business against a five-member team from the Lusk Center at USC’s Marshall School of Business and Price School of Public Policy. The contest is now tied, with each side winning 14 times.
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.