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Accounting Firm Moss Adams to Move Next-Door

Accounting firm Moss Adams LLP will move its Irvine operations one high-rise to the right late next year.

Orange County’s ninth-largest accounting firm by employee count recently signed a lease for 36,500 square feet at 2040 Main St., a 14-story office in the Irvine Concourse campus.

An LLC whose managing member is Irvine-based Knobbe Martens Olson & Bear LLP, Orange County’s largest law firm, owns the building. Moss Adams will be the second largest tenant there after Knobbe Martens, according to CoStar Group Inc. data.

Moss Adams is currently at the 2030 Main St. office next-door. That buidling changed hands in October when New York-based Praedium Group LLC paid a reported $114 million for the 16-story tower.

Terms of Moss Adams’ new lease, which takes effect near the end of 2014, weren’t disclosed. Space at 2040 Main St. had been listed for lease at monthly rents of $2.35 per square foot, according to brokerage data.

Jones Lang LaSalle’s Ryan Hawkins and Mitch Lundquist represented Moss Adams in the lease. Voit Real Estate Services represented the landlord.

The lease provides flexibility to accommodate Moss Adams’ planned growth, and the relocation shouldn’t interfere with the firm’s busy season, according to Hawkins.

Moss Adams Capital LLC, an investment banking firm that’s majority-owned by the accounting firm, also is moving to the 2040 Main St. building as part of the lease.

Big Sky Buy

Newport Beach-based hotel investor and developer Makar Properties LLC has bought a dude ranch in Montana, its second reported acquisition of the year.

The company, Orange County’s most prominent hotel owner during the last commercial real estate boom, last month said it closed on the purchase of Lone Mountain Ranch, a resort in Big Sky, Mont., whose cabins are used by skiers in the winter and by warm-weather guests looking to go fishing and horseback riding, among other outdoor activities.

Terms of the sale weren’t disclosed. The purchase comes about five months after an affiliate of Makar paid $24 million for the 16-room Holiday Inn Santa Barbara-Goleta in southern Santa Barbara County.

The Goleta deal was the first reported purchase for Makar, the former owner of the St. Regis Monarch Beach Resort in Dana Point and the Hilton Anaheim, in more than five years.

Condo Comeback

Newport Beach-based Guthrie Development Co. is getting back in the industrial condominium game.

The company, one of the area’s more active developers of multitenant industrial buildings sold to smaller owner-users during the last real estate boom, recently closed on the purchase of a two-building property in Foothill Business Park in Lake Forest.

The 57,000-square-foot property, at 26429 and 26439 Rancho Parkway, sold for $8 million, or about $140 per square foot. Panattoni Development Co. of Newport Beach was the seller of the buildings, which are off Bake Parkway next to the Foothill (241) Toll Road.

Guthrie Development plans to upgrade and convert the buildings’ 25 units into condos and sell them to individual owner-users.

Units will range from 1,509 square feet to 3,107 square feet, and some may be combined to accommodate the need for larger units, according to the developer, which hasn’t announced pricing. The project is expected to be renovated over the next few months.

“The South Orange County industrial market is extremely active right now with very little supply and no new construction on the horizon for smaller facilities,” said Rob Guthrie, chief executive of the developer.

The Lake Forest purchase is the second recent acquisition for Guthrie, which developed about 1.9 million square feet in OC from its 2000 founding until the onset of the last commercial real estate downturn.

Its first new deal in several years took place in Brea when it paid $3.4 million in July for a two-building, 61,155-square-foot warehouse and manufacturing facility on Lambert Road that was previously owned by an affiliate of limousine maker Krystal Enterprises.

The Brea property also is expected to be sold to an owner-user after being upgraded.

Guthrie said his company is looking to acquire additional industrial properties and developable land in the area.

Louis Tomaselli and Steve Wagner of Jones Lang LaSalle’s Irvine office represented Guthrie and Panattoni in the Lake Forest acquisition. Tustin-based Bridgeport Investments arranged the project debt and equity.

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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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