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Construction Company ARB Gets Contract Extension



COMMERCIAL

The parent of Lake Forest construction and engineering company ARB Inc. is doing more work for a big Southern California utility company.

Primoris Services Corp., which went public last year, recently said it was awarded two contract extensions worth about $20 million from the utility.

The company didn’t name the utility. The nature of the work suggests it’s San Diego-based Sempra Energy.

ARB is doing an internal survey of the utility’s existing natural gas pipeline network. Under the contracts, it’ll be responsible for making any repairs to the pipelines.

The company has worked under contract for the utility for the past two years. Each contract is being extended through 2011.

Primoris, the holding company of ARB and other businesses, went public in July after buying about 80% of New York-based blank-check company Rhapsody Acquisition Corp. in a reverse merger.

Primoris had a market value of about $140 million last week, down about 35% from the time the deal was completed.

In investor presentations, Primoris said it’s won more than $130 million of work from public utilities and other energy companies in recent months, not including the latest two extensions. The company’s total revenue last year was more than $450 million.

Linc Move

Linc Group LLC moved its headquarters from Houston to Irvine in 2007, in part to distance itself from former parent company Enron Corp.

Now Linc Group, which provides facilities management and other services, is moving again. But it’s staying in Irvine.

The company recently signed a lease for a new headquarters, at an Irvine Company building on Technology Drive in the Irvine Spectrum.

It will be leasing 29,200 square feet at the building, which includes about 5,000 square feet of warehouse space that Linc will be using as a showroom.

The new headquarters consolidates other local Linc Group operations in Irvine and Lake Forest. The company had been based at 8 Hughes in Irvine.

Linc Group provides facilities management, heating and air conditioning maintenance, lighting and electrical services to commercial, government and residential clients.

The company’s predecessor, known as FieldCentrix, was bought by Enron in 2001, just before the energy company’s collapse.

Linc Group was bought out from Enron by private investors in 2003 and is one of the few businesses that emerged from Enron untarnished and still kicking.

Rick Sherburne, Alex Hayden and Travis Boyd of Cushman & Wakefield Inc. represented Linc Group in the lease.

Irvine Co. says it has leased more than 4.1 million square feet of office space during the past seven months.

Saunders Leases

Newport Beach-based real estate investment company Saunders Property Co. signed a pair of leases, totaling about 68,000 square feet, for its Enterprise Business Park in Brea.

Suheung-America Corp., a vitamin and health supplement company that’s part of South Korea’s Suheung Capsule Co., signed a 34,569-square-foot lease for five years at the business park at 350 Ranger Ave.

The deal is valued at $1 million with monthly rents of about 48 cents per square foot.

Suheung is moving its U.S. operations from elsewhere in Brea.

In the other deal, Plastibec USA Corp, a window covering company whose parent company is based in Canada, leased 33,438 square feet at the business park for three years. The deal is valued at about $570,000, or about 47 cents per month per square foot.

CB Richard Ellis Group Inc.’s Ben Seybold, Zachary Niles, Darren Kim and Sean Ward represented Saunders Property in both deals.


RESIDENTIAL

San Diego-based construction company Wermers Cos. said it is taking over an abandoned condominium project in Anaheim’s Platinum Triangle.

Officials at Wermer’s distressed asset services division said the company recently signed a contract for services on the Platinum Triangle Condominium project on Katella Avenue.

The 92-condo project recently was abandoned by the original developer and now is in the hands of the project’s lender, according to Wermers.

City records show the development still under the ownership of Los Angeles-based West Millennium Homes.

Wermer’s distressed asset team will help the lender evaluate the current financial and physical condition of the project and work to complete it, according to company officials.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
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