Chris Hannan, a native of Orange County, has been appointed as the new president of the State Building and Construction Trades Council of California. He takes over from Andrew Meredith, who resigned after 18 months in the position. The trade group, which represents around 500,000 members of construction unions statewide, has been engaged in a contentious battle with legislators in Sacramento over building reform to fast-track new housing projects. According to Politico, this leadership change is causing a shake-up in one of Sacramento’s most influential labor organizations. The council recently faced internal conflict when two members defected over a housing bill that the parent group was opposing. This public split could potentially impact California housing policy, as the bill in question seeks to make a 2017 state law, which expedites affordable housing construction, permanent. The building industry argues that this law increases construction costs in many parts of the state by requiring developers to pay union-level wages. Hannan, who grew up in Orange County and is a second-generation member of Sprinkler Fitters Local 709, previously served as the executive secretary of the Los Angeles and Orange Counties Building and Construction Trades Council. His immediate focus, according to the council, will be leading the building trades during California’s remaining two months of legislative session. Robbie Hunter, the president before Meredith, acknowledges the challenges of the role but expresses confidence in Hannan’s ability to represent the voice of construction workers. Meanwhile, in the Orange County real estate market, investor interest in small apartment complexes continues to grow. Recently, a 12-unit multifamily property in Anaheim was sold for $4.25 million in a 1031 exchange. This indicates a strong rental market with limited inventory and significant potential for returns. CBRE, the real estate firm handling the transaction, received six competitive offers for the property due to its prime location. Similarly, in Laguna Hills, the Alcalde Business Center, a three-building industrial business park, was sold for nearly $14 million. The buyer, represented by CBRE, acquired the property through a 1031 exchange. This transaction is expected to yield significant near-term upside and long-term appreciation due to increasing industrial rents in the area. Additionally, a retail property occupied by The 99 Store in San Clemente was purchased for $6.95 million by Wood Investment Cos. The location of the property near the Avenida Pico ramp on the 5 freeway adds to its strategic value. Wood Investment Cos. views the south Orange County real estate market favorably, and this acquisition further strengthens their partnership with The 99 Store. In another deal, Hager Pacific Properties, based in Newport Beach, sold a 19-acre industrial site in Colton for $61 million. The buyers, EBS Realty Partners and Clarion Partners, plan to develop a 412,000-square-foot warehouse on the site. This project stands out as one of the few assets outside the warehouse development moratorium in the Inland Empire, providing a unique opportunity for the buyers.
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