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Lease at City Plaza Backfills Old Law Firm Space

Environmental Engineering & Contracting Inc., a Santa Ana-based environmental consulting firm, said it plans to relocate its headquarters to the City Plaza office tower in Orange in September.

The company signed a lease for the 18th floor of the 19-story building next to the Garden Grove (22) Freeway and the Outlets at Orange shopping center.

Terms of the lease were not disclosed. Monthly rents at City Plaza run about $2.05 per square foot, according to CoStar Group Inc. data. Full floors of the building include about 19,000 square feet.

Privately owned EEC specializes in wastewater operations and environmental site assessment, among other services. Its other offices are in Oakland and Annapolis, Md.

The lease backfills the space vacated by law firm Brady, Vorwerck, Ryder & Caspino, which shuttered its practice this year. The firm had been the second largest law firm based in Orange prior to its closure, with about 27 lawyers.

The 333,922-square-foot City Plaza tower was acquired last year by a venture headed by Irvine-based Greenlaw Partners. It is now about 94% leased; CashCall Inc. is the building’s largest tenant.

Greenlaw and financial partner Walton Street Capital LLC bought a pair of offices next to City Plaza this month at 500 and 600 City Parkway W.

The real estate investor and developer now owns most of the offices to the immediate west of the Outlets shopping center and is exploring building apartments and another office tower on some of the excess land it now holds.

Cushman & Wakefield Inc.’s David Dowd, Matt Didier and Jennifer Whittington represented Greenlaw in the lease with EEC. Matt Orville of Lee & Associates Commercial Real Estate Services represented the tenant.

Fontana Plans

Aliso Viejo-based CT Realty is planning a two-building industrial development on land it recently bought in Fontana.

An affiliate of the real estate investor and developer announced this month that it had closed on the $7.8 million purchase of 17.3 acres of land just south of the San Bernardino (10) Freeway. The sellers weren’t disclosed.

The plan is to build two industrial buildings totaling 358,410 square feet. The buildings will be offered for lease at five- to seven-year terms, according to CT Realty Managing Partner Carter Ewing.

Construction is expected to begin in November, with completion slated for the second quarter of 2015. Irvine-based RGA is the project’s architect; a general contractor hasn’t been announced for the development.

Closer to home, CT Realty paid $13 million for a 103,000-square-foot industrial building at 20 Icon in Lake Forest in a deal that closed in May, according to property records.

The Foothill Ranch building once served as a warehouse for Flojet Corp. and was sold by the founder of the pump manufacturing company.

CT Realty is looking to lease the now-empty building that’s next to Oakley Inc.’s headquarters to a single tenant.

Steadfast Buy

A new apartment investment fund headed by Irvine-based Steadfast Cos. has paid $27.9 million for an apartment complex in Indianapolis.

The company’s Steadfast Apartment REIT paid roughly $91,000 per apartment for the 307-unit Harrison Place in Indianapolis. It’s the nontraded real estate investment trust’s second acquisition since it began fundraising this year. Another nontraded REIT overseen by the company, Steadfast Income REIT, has bought more than 16,000 apartments in the past few years.

Santa Ana Sales

Two industrial condominium projects in Santa Ana have sold out.

Las Palmas Business Park, a 38-unit industrial-condominium project less than a mile from the Costa Mesa (55) Freeway, recently closed escrow on its last unsold unit.

The project was taken over in 2012 by Gardena-based Overton Moore Properties, which acquired 28 unsold units after buying a $20 million note tied to the property at a discount.

Sales and leasing at the project were headed by Gillett Commercial Real Estate, which said the project sold out a year ahead of schedule.

The 14-unit South Coast Metro Business Center, near the intersection of Fairview Street and Segerstrom Avenue, also sold out its industrial condo project in late June.

The 75,000-square-foot project was headed by Irvine-based CapRock Partners LLC, which bought it out of receivership in 2012 and redeveloped the property.

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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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