Orange County Business Journal

Karma’s Road to Revival Starts in Spectrum

REAL ESTATE: 262,000 SF for executive offices, direct sales center

Karma Automotive LLC will move the bulk of its local operations and establish a new direct sales center in a building in Irvine whose design is expected to echo the company’s cutting-edge technology.

Pacific City Sale Tops Chart For OC Retail

REAL ESTATE: Values new center in Huntington Beach at $970 PSF

It took the Pacific City shopping center in Huntington Beach less than a year to claim a spot among Orange County’s most valuable retail properties.

New Home Co. Expands Into San Diego

REAL ESTATE: Also grows within OC with Brea project

New Home Co. has bought land for its first homebuilding project in San Diego, and is also expanding its reach in Orange County through a new project at the La Floresta development in Brea.

Cambria Hotel Eyed for Anaheim to be Chain’s Largest

350-Room Project On Katella to Run 12 Stories

A limited-service hotel planned for the Anaheim site near the Disneyland Resort that once held The Boogie nightclub appears to be getting much taller than initially envisioned.

Milan Capital Buys in LB, Sells in Anaheim

REAL ESTATE: Park Tower office trades for close to $26M

Milan Capital Management, an Anaheim-based commercial real estate investor, has bought an office tower in Long Beach and sold an office in its hometown in two deals topping $50 million together.

Huntington Beach Luxe Rentals Sell For Top Dollar

REAL ESTATE: New complex moves for estimated $131 million

A newly built apartment complex in Huntington Beach has a new owner in a deal that appears to set a high-water mark for pricing in Orange County’s hot multifamily market.

OC Class A Rents Hit $3 Mark for 1st Time Since ’08

Up 42% From Bottom, More Increases Anticipated

It’s taken eight long years, but Orange County’s office market is now back to prerecession levels by one key metric: asking rents.

SmartStop Pursues New $1B REIT, Opens Local Gym

New Fund Would Be Its Fourth Since 2008

Ladera Ranch-based SmartStop Asset Management LLC is looking raise more than $1 billion to fund another batch of self-storage facility acquisitions across the country as it takes the wraps off of a new development in its hometown.

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NextVR Completes $80M Funding

Laguna Beach-based virtual reality content maker NextVR Inc. said it has completed an $80 million round of funding, led by a syndicate of Asian technology companies.

Cigna Deal for Offices in Orange Tops $100M

REAL ESTATE: Trio adjacent to Outlets, Christ Cathedral

A trio of office properties near the Outlets at Orange shopping center—along with adjacent land that’s expected to hold a host of apartments—has new ownership after a deal valued in excess of $100 million.

Apartment Push Gives Rentals Edge in Irvine Ratio

More Rentals Than Owner Units, JLL Reports Shows

The city of Irvine remains the hub of homebuilding in Orange County through development of Great Park Neighborhoods and the Irvine Ranch, but an even faster construction push in the multifamily sector over the past decade has given rental units majority status in OC’s fastest-growing city, according to new brokerage data.

Mortgage Firm Strikes Big Lease At Old Ingram HQ

REAL ESTATE: Greenlight parent takes 150,000 SF in Santa Ana

The parent company of Greenlight Financial Services, a mortgage company with sizeable operations in Orange County, has struck a deal to relocate much of its local employee base to Santa Ana in what looks to be a blockbuster office lease.

Harrah Gets Case of Double Vision

Michael Harrah’s long-awaited One Broadway office tower in Santa Ana has always been expected to eventually become the commercial real estate developer and owner’s crowning local achievement.

Monster Buy Of Yorba Linda Offices

REAL ESTATE: Energy drink execs pay $95M for Savi Tech Center

The wealthy local duo that runs Corona-based Monster Beverage Corp. has bought Yorba Linda’s biggest office complex in one of the largest property sales so far this year in Orange County.

Koll Co. Makes Phoenix Splash With $75M Buy

Irvine-based Koll Co. has made its largest purchase in nearly five years, picking up a massive logistics and distribution center in Phoenix.

The Triangle Center Seeks New Owner

REAL ESTATE: Costa Mesa hub of ‘destination’ tenants

The Triangle, the once-troubled Costa Mesa mall that’s been converted into a thriving entertainment and restaurant center over the past few years, is for sale.

Luxe Retirement Project in Costa Mesa to Expand

Nexus Cos.’ Vivante To Add Another 111 Units

Vivante on the Coast, a high-end retirement community near Hoag Memorial Hospital Presbyterian in Newport Beach, is expanding.

Rentals Go for $164M, Top Deal Since 2010

REAL ESTATE: 628 units to Raintree Partners, $260K each

Laguna Niguel-based apartment and mixed-use property owner and developer Raintree Partners has bought a rental complex in Tustin in what appears to be the priciest apartment deal in Orange County in nearly six years.

RSI Communities Bigger in Texas

REAL ESTATE: Gets land for 780 homes in San Antonio

RSI Communities LLC has begun to ramp up land deals in preparation for a big homebuilding push outside California.

RIP: John O’Donnell, Seminal Industrial Developer

John O’Donnell, a pioneering Newport Beach real estate executive whose companies oversaw a massive industrial development push from Alaska to Mexico over a 40-year period, died last week.

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TIAA Takes Pacific City Stake

Huntington Beach’s Pacific City shopping center has seen a change in ownership.

Panattoni Puts New Anaheim Industrial Up for Sale

REAL ESTATE: Said to seek $200M for 7 buildings near 91

Panattoni Development Co. has put nearly a million square feet of its recently built industrial center in Anaheim on the sales block.

Trammell Crow Gets ‘Real’ With Boardwalk Plan

REAL ESTATE: 545,000 SF office takes shape on Jamboree

The largest office development planned for the market around John Wayne Airport in over a decade has moved from a concept to reality.

FivePoint’s Capital $B

Report by Main Investor Lennar Gives Perspective On Aliso Viejo-Based Developer’s Valuation

­­FivePoint Communities Inc. can safely join the ranks of Orange County’s billion-dollar companies in terms of its valuation.

Invesco’s Aliso Holdings Top $200M With Latest Buy

UST Global Offices Sold By LBA for About $33M

Dallas-based institutional investor Invesco Real Estate has added another big office in Aliso Viejo to its portfolio, its third reported purchase in the city in a little over a year.

Creative-Office Makeover Draws SpaceX Outpost

REAL ESTATE: Would-be pioneer seeks engineers here

Elon Musk’s SpaceX has touched down in Irvine.

Fintech Firm Brings Mercedes Tie To ‘Next Gen’ Campus

REAL ESTATE: 1st tenant at spec development takes 27,000 square feet

Irvine Company has landed a startup financial technology company with a brand-name backer as the first tenant at a pair of buildings the landlord is putting up at its Sand Canyon Business Center office campus.

Young’s New Venture Features Broad View of Big Projects

REAL ESTATE: Former Irvine Co. exec on to own deal with Camino

Dan Young plans to go big with his next development venture.

RMV Development Picks Six for Next Home Phase

4 OC-Based Builders In Mix for 522-Home Project

Rancho Mission Viejo LLC has announced the builders who will be selling the next set of homes at its massive development under way in South Orange County.

Toll’s Irvine Land Spree Continues in Orchard Hills

REAL ESTATE: Pays about $200M for nearly 161 acres

Toll Brothers Inc. has completed the purchase of a sizeable parcel of developable land at the Orchard Hills community in Irvine, adding to the company’s collection of high-end home sites in the city.

Lincoln Property’s Top OC Exec Starts Own Firm

REAL ESTATE: Plans initial focus on office, retail projects

Kevin Hayes, the head of Lincoln Property Co.’s sizeable Orange County operations, has left the Dallas-based real estate investor and developer to start his own firm.

Even More Of A Family Matter On Mariner’s Mile

REAL ESTATE: Duffy parcel now in Moshayedis’ Coast Highway portfolio

The biggest property owners in the Mariner’s Mile area of Newport Beach have added another notable—and pricey—waterfront site as they continue an effort to revamp the high-traffic area.

OC Firm with USC Ties Has Big Plans Near Campus

Trojan QB’s Firm Eyeing 3.3 Acres Near Stadium

Spectrum Group Real Estate, an Irvine-based real estate investment and development management firm whose execs have connections to the University of Southern California, is planning to build a sizeable mixed-use property not far from the school’s campus south of downtown Los Angeles.

Olson Goes to Hollywood

Aims to Follow Paséa, Spectrum Marriott With Art Deco Entry in LA

A 21-story, art deco-inspired hotel planned for the heart of Hollywood marks the latest chapter in R.D. Olson Development’s recent push into the high end of the hospitality market.

Off-the-Grid Project to Help Power Park Place

REAL ESTATE: Capacity for equivalent of 1,300 homes

The latest upgrade to the Park Place mixed-use campus in Irvine is taking place behind the scenes, and in clean-energy jargon, behind the meter.

Western Growers Moves HQ in Irvine Following Sale

Zion’s $8.2M Buy Comes With Plans for Nonprofits

Western Growers Association, a trade association that represents farmers in California, Arizona and Colorado, has sold its Irvine headquarters near John Wayne Airport and relocated to another spot in the city.

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PHG in Deals for AC Irvine, Tempe

An affiliate of Irvine’s Pacific Hospitality Group is in deals for two AC Hotels—a 176-room property currently under construction at the Park Place mixed-use campus near John Wayne Airport and a recently opened location in Tempe, Ariz.—from Woodbine Development Corp. and USAA.

175-Room Hotel Plan Adds to Anaheim Backlog

Site Next to Pumbaa Lot Among 10 Now in Works

You can add another name to the increasingly crowded list of proposed hotel developments in the area around Disneyland Resort in Anaheim.

KBS Doubles Down on 1,375-Acre Project in Vegas

REAL ESTATE: Buys out co-investor’s 46% stake

A 2011 investment in the Las Vegas land development market by an affiliate of KBS Realty Advisors appears to be paying off for the Newport Beach-based company, although a recent add-on deal indicates that land prices in the gambling mecca remain well below peak levels.

Golden State Foods HQ Office Up for Sale, Again

REAL ESTATE: Would be 6th Sale of Office Since ’06

An Irvine office tower that holds the headquarters of Golden State Foods Corp. and other tenants is up for sale again in one of the largest transactions anticipated this year in the John Wayne Airport-area market.

Irvine Developer Gets 133 Acres in LA Industrial Belt

REAL ESTATE: Estimates put Goodman Birtcher buy at $240M

Irvine-based developer Goodman Birtcher has bought a pair of massive distribution centers in Los Angeles County, including a property just over the county line in Santa Fe Springs, in one of the largest industrial acquisitions in Southern California in recent memory.

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Goodman Birtcher Gets 133 Acres

Irvine-based developer Goodman Birtcher has bought a pair of massive distribution centers in Los Angeles County.

Surge of Hotel Development

More Than 7,000 Rooms Proposed in Four Cities

The four Orange County cities with the heaviest volume of hotel construction are seeing a divergence in the type of properties being built there and the sorts of guests the hotels will target.

Anyone’s Guess As Young Rides Off Ranch

Let the guessing game begin as Dan Young gets set to step down from the Irvine Company.

Commercial Development at Highest Level Since ’07

Nearly 3M SF Completed; Projects Spread Across OC

Orange County’s top commercial real estate developers posted their most active year of completed projects in a decade with a variety of sizeable product types opening across the region over the year ended April 30.

Commercial Construction Up, Uncertainty on Horizon

Revenues Here Highest Since ’09, Backlog Down

Orange County’s largest commercial construction companies took in the most revenue since the Great Recession, although a shrinking backlog and ominous economic reports raise questions about the industry’s continued growth.

Homebuilder TRI Pointe Moves Local Division

HQ Staying at For-Sale Google Center Campus

Irvine-based homebuilder TRI Pointe Group Inc. is moving its Southern California division closer to some of the projects it has under way on the Irvine Ranch.

SF Investor Makes FV Complex 3rd Office Buy in OC

REAL ESTATE: Swift nabs 2 buildings next to Hyundai HQ

San Francisco-based real estate investor Swift Real Estate Partners has made its third acquisition in Orange County in as many years, getting a two-building office complex in Fountain Valley.

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Young to Step Down at Irvine Company

Dan Young plans to step down from his executive position at Newport Beach-based Irvine Company at the end of the month.

Google Campus On Jamboree Leads OC Office Listings

REAL ESTATE: Some $1.3B worth of deals in pipeline amid rising rents

The five-building Irvine office campus that holds the local operations of Google Inc. and others is up for sale, headlining an Orange County office investment market that’s seeing its heaviest activity in over eight years.

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