O.C.’s Triangle Square Sold
* Triangle Investments, a Taiwan-based family investment partnership, has acquired the 191,223-square-foot Triangle Square shopping and entertainment center at 19th Street and Newport Boulevard in Costa Mesa for approximately $50 million from Capital & Counties USA Inc., a San Francisco-based investment and development company whose holdings include Ghirardelli Square in San Francisco. David Lee, a principal of Costa Mesa-based Faris Lee Investments who brokered the deal along with Joe Faris and Dennis Vaccaro of Faris Lee, said the transaction was one of the largest single shopping center purchases in the last 15 years in Southern California and the largest of more than 200 shopping center deals the Faris Lee principals have brokered since 1990. Lee said 50 of those sales have come in the last 18 months, a sign of the accelerating pace of investment deals. He described the Triangle Square center as a “landmark property” where tenants include Nike Town, Gap, Virgin Records, Barnes & Noble and a Ralphs grocery store.
* San Francisco-based Sagamore Equities has purchased bought a vacant, two-story, 83,000-square-foot office building at 3015 Winona Ave. in Burbank for $10.1 million from Community Bank. Sagamore plans to remodel the building, which formerly housed a unit of Electronic Data Systems, according to Paul Stockwell, corporate managing director for Julien J. Studley Inc., who represented Sagamore in the transaction along with Will Adams of Studley’s downtown office. Stockwell said Electronic Data Systems vacated the building earlier this year as part of a consolidation.
* Investment partnership 665 Claremont bought a 32,350-square-foot shopping center on 147,668 square feet of land at Foothill Boulevard and Claremont Boulevard in Claremont from Canada Life Assurance Co. for $3.2 million in a deal brokered by Faris Lee Investments. The seller was represented by Parker Commercial.
* Two individual investors acquired a recently rehabilitated and fully leased, 44,340-square-foot industrial building on two acres of land at 8966 Mason Ave. in Chatsworth for $3 million from Mason Avenue Properties, according to Mike LaRocque of Delphi Business Properties, who represented buyers Don and Gayle Asenbauer of Sylmar. Tim Foutz of Capital Commercial Real Estate represented the seller. The building is occupied by Magnetek, a manufacturer of electrical equipment, LaRocque said.
