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Accounting Firm Renews at Irvine Co.’s Jamboree Center

Accounting firm White Nelson Diehl Evans LLP was the first big tenant to sign a lease at the Jamboree Business Center in Irvine when the three-building office complex opened in 2007.

Now the company, which is Orange County’s 10th-largest accounting firm by employee count, is the first large tenant to announce it has renewed its lease at the Irvine Company-owned complex.

The company, which employs about 110 people in Irvine and has about 20 partners, recently completed a seven-year lease at 2875 Michelle Drive. It will continue to occupy about 27,000 square feet of space at the three-floor building—which bears its name—and take up about one floor.

White Nelson took a look at other space options before deciding to renew its lease, said Randall Parker, president for the Newport Beach office of brokerage Travers Realty. He represented the tenant in the lease with colleague Stacy Garcia.

“After thoroughly reviewing the marketplace, it was clear to White Nelson that this project best supported their long-term needs,” Parker said.

Terms of the lease weren’t disclosed. Other space at the complex is listed for lease on Irvine Co.’s website at monthly rents of $1.55 per square foot.

Jamboree Business Center sits near the intersection of the Santa Ana (I-5) Freeway, the Foothill (261) Toll Road and Jamboree Road. It was largely built in 2006, at a reported cost of $22 million.

The three buildings are each about 77,000 square feet. Other large tenants at the complex include Henkel Corp. and Alliant International University.

White Nelson moved its headquarters from Anaheim to Irvine when the Jamboree Business Center office opened. It focuses on privately held businesses, particularly manufacturers and distributors.

The firm said it represents more than 1,200 businesses and 1,800 individuals. It also has offices in Carlsbad and Escondido.


Cadillac Buy

Newport Beach-based real estate owner and developer Myers-Erickson Properties Inc. bought its second sizable industrial property on Cadillac Avenue in Costa Mesa.

The company recently completed the purchase of 3545 Cadillac Ave., a 48,796-square-foot building a few blocks north of the San Diego (405) Freeway near the South Coast Collection shopping center.

Tetsuo Mori Testamentary Trust sold the building for $6 million, or about $123 per square foot. The deal yielded a roughly 5.6% capitalization rate on its first year’s net income, according to the buyer.

The building is fully leased to long-term tenants Pyramid Laboratories Inc. and Ecliptek Corp.

Newmark Grubb Knight Frank brokers Scott Read and Jeff Read represented the seller. Newmark Grubb’s Nick Carey represented Myers-Erickson.

Myers-Erickson, a 40-year-old developer, owns and manages more than 1.3 million square feet of industrial space, primarily in Orange County.

It’s been a long-term owner of a nearby 35,000-square-foot building at 3598 Cadillac Ave., which also is leased to Pyramid Labs.


Raising Money

Newport Beach-based KBS Realty Advisors is looking to raise up to $105 million for a new real estate investment trust, according to regulatory filings.

The company recently filed plans with the Securities and Exchange Commission to launch KBS Strategic Opportunity REIT II. The equity raise will require a $10,000 minimum investment from individual investors, according to SEC documents.

A date for the launch of the REIT hasn’t been disclosed. The initial KBS Strategic Opportunity REIT, launched in 2009, has raised more than $560 million from investors and bought a variety of real estate-related properties, loans and other real estate-related investments.

In other KBS news, another nontraded REIT that KBS Realty runs, KBS REIT Inc., is looking to sell a large property it owns in the Dallas area, according to trade reports.

The company’s Millennium Tower, a 351,683-square-foot office building in Addison, Texas, is on the market for about $80 million, according to Real Estate Alert.

KBS REIT acquired the building in 2008 for about $72 million.


Pomona Construction

Newport Beach-based developer Realm Group LLC said it has begun construction on Monterey Station, a 349-unit apartment project in downtown Pomona.

The Los Angeles County transit-oriented redevelopment site is next to the community’s Metrolink station and is expected to open for leasing by next summer.

Realm Group said it got a $39.5 million senior construction loan from Bank of the West and US Bank and an $8.5 million mezzanine loan from Parse Capital to finance the project and to refinance an existing land acquisition loan.

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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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