Parimal Rohit

Irvine

Business Reporter at Orange County Business Journal

Reporter, Orange County Business Journal. Formers = CoStar News, Austin Biz Journal. RK Mellon Fellow. Annenberg Fellow. @UCLA. @USFCA. Opinions=my own.

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Articles

Costa Mesa’s Westport Plaza & Square Sold for $25.7 Million

1 week ago | ocbj.com | Parimal Rohit

A nearly 40,000-square-foot retail center in Costa Mesa was sold for $25.7 million to Asana Partners, a Charlotte, North Carolina-based real estate investment firm. Westport Plaza & Square, located at 369 E. 17th St. and 1685 Tustin Ave. in Costa Mesa, was 97% leased at the time of the sale. Newport Beach-based Space Investment Partners was the seller.
Chartwell Preps to Begin Raising Capital

1 week ago | ocbj.com | Parimal Rohit

Balboa Fun Zone isn’t the typical project you’d expect to see listed on Chartwell Real Estate Development’s portfolio. In 2021, Chartwell saw an opportunity to buy Balboa Fun Zone, a small waterfront amusement park that’s seen better days on the Balboa Peninsula. “We’re working on revitalization and redevelopment,” Chartwell Co-founder and Operating Partner Henry Pyle told the Business Journal.
Irvine Co. Proposes 2,500 Homes Near UCI

1 week ago | ocbj.com | Parimal Rohit

The Irvine Company is proposing more housing in the city. This month, the Irvine City Planning Commission approved a zoning change requested by the Newport Beach developer that would allow for as many as 2,500 new housing units to be built near the University of California, Irvine.
C&C Development Debuts Affordable Housing Project

1 week ago | ocbj.com | Parimal Rohit

Tustin-based C&C Development’s latest affordable housing project, The Meadows Senior Apartments, caters to seniors in Lake Forest. The new residential development, which was fully occupied when it opened earlier this year, is a 65-unit affordable housing project for tenants aged 62 and older. C&C Development’s affordable housing projects typically focus on workforce housing. This project is the company’s first that targets seniors.
Elevate Aircraft Expands Operations in HB

1 week ago | ocbj.com | Parimal Rohit

Elevate Aircraft Seating, a designer and manufacturer of seats for airlines, has leased more than 280,000 square feet of warehouse space at McDonnell Center Business Park in Huntington Beach. The Washington state-based company formerly known as Adient Aerospace will move into the 280,460-square-foot space at 5701 Skylab Road, where it would operate “a new manufacturing facility to increase its production and distribution capabilities,” according to Savills Managing Director Chris O’Connor.
Irvine Firm Turning Restaurant Site into Luxury Homes

1 week ago | ocbj.com | Parimal Rohit

A local developer is turning a former restaurant site into a luxury residential community in the coastal San Diego community of La Jolla. WJK Development acquired earlier this month the half-acre property at 6738 La Jolla Blvd., formerly home to Su Casa Mexican and Seafood Restaurant, which operated for 52 years before closing in 2019. The developer paid $8.5 million for the site and plans to build nine detached luxury homes in its place, the company’s CEO Grant Keene told the Business Journal.
Local Buyer Scoops Fashion Island Office for $11.5 Million

2 weeks ago | ocbj.com | Parimal Rohit

A two-floor, 15,200-square-foot office building at Newport Beach’s Fashion Island was sold for $11.5 million. Olen Pacific Plaza at 1303 Avocado Ave., Newport Beach, was sold to a local family group, according to CBRE, the real estate advisory firm that helped broker the deal.
Elevate Aircraft Seating Leases 280,000 Square Feet in Huntington Beach

2 weeks ago | ocbj.com | Parimal Rohit

Elevate Aircraft Seating, a designer and manufacturer of seats for airlines, has leased more than 280,000 square feet of warehouse space at McDonnell Center Business Park in Huntington Beach.
Rivian Expanding Again with 95,000 Square Feet in Irvine

2 weeks ago | ocbj.com | Parimal Rohit

Rivian Automotive Inc. is leasing another 95,000 square feet of industrial space at Jamboree Business Park, across the street from its Irvine headquarters. The electric vehicle maker signed a lease for 94,550 square feet at 14410 Myford Road on April 30 and plans to move into the space on May 30. Rivian (Nasdaq: RIVN) will occupy the entire industrial building, close to where Jamboree Road meets the Santa Ana (5) Freeway.
Irvine Homebuilder to Spend $1.2 Billion to Buy Landsea Homes

2 weeks ago | ocbj.com | Parimal Rohit

More than a decade after it was founded in Newport Beach, Landsea Homes is returning to its local roots—but under new ownership. The Dallas-based homebuilder, which relocated its headquarters to Texas two years ago, is being acquired by Irvine’s New Home Co. in a $1.2 billion all-cash deal. Under the agreement, New Home will purchase all outstanding shares of Landsea Homes (Nasdaq: LSEA) for $11.30 per share, representing a 61% premium over Landsea’s closing price on May 12.