Malik Mullino CEO of Jadeite Assets LLC has partnered with Irvine based Shop off Realty Investments to break ground on a $90 million dollar luxury condominium community coming to Newport Beach, part of a 1.25 billion dollar master planned development at Uptown Newport.
Irvine-based Shopoff Realty Investments has released details on a $90 million luxury condominium community coming to Newport Beach, part of its $1.25 billion master-planned development at Uptown Newport.
Expected to break ground in March, the Parkhouse Residences will be built on the 25-acre, two-phase development.
The firm is building 30 condos among five buildings designed by WHA Architects, Design styles will come in a combination of half-floor flats and two-story penthouses with starting prices around $1.9 million.
“Parkhouse Residences will be the only opportunity to own a brand-new luxury condominium in Newport Beach with a curated, resort-style amenity offering and direct access to a highly connected area of the city that is seeing exciting growth,” Bill Shop off, president and CEO of Shop off Realty Investments, said in a statement.
The interiors were designed by Blackband Design and will feature oversized windows and seamless terraces, access to a lap pool and hot tub, a resort-inspired cabana, a fitness center, private garages, direct elevator entry and a grassy village green.
Uptown Newport in total will have 1,244 homes and rental apartments, up to 11,500 square feet of retail and restaurants, and two 1-acre parks open to the public. The first phase of the project is building Parkhouse Residences, the retail spaces. The 458-residence One Uptown Newport apartment community is open and almost fully leased, Shopoff said.
Condo sales launch April 2021 with completion expected in late 2022.
$22 million logistics complex coming to Anaheim
A $22 million industrial logistics center is under development in Anaheim, according to Newport Beach-based North Palisade Partners.
The firm recently acquired the 7.75-acre site at 1477 No. Jefferson St. for $14 million and says it will develop the Palisade Anaheim Logistics Center on a speculative basis as a logistics yard.
North Palisade Partners bought the property from Torrance Logistics Co. with plans to develop a last-mile logistics and fulfillment center serving e-commerce tenants, according to Joe Mishurda, a managing partner at the firm.
North Palisade Partners said it will begin site improvements in March and should complete the project by November. The company also said it will customize the property according to tenant needs ranging from build-to-suit warehouses to customized low-coverage parking plans or truck terminals.
Michael Ma with Lee & Associates’ West Los Angeles office represented both North Palisade Partners and the seller in the transaction. Mike Hefner and Mike Vernick with the Anaheim office of Voit Real Estate Services is representing North Palisade Partners in the leasing efforts.
The TerraCotta Group based in El Segundo provided debt financing.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at [email protected]. Please allow at least a week for publication. All items are subject to editing for clarity and length.