Orange County Business Journal

Developer Takes On ‘Rusty Skeleton’

REAL ESTATE: Stalled project seen as senior housing, retail

A land development company in Los Angeles County has bought the “Rusty Skeleton,” a long-abandoned construction site in Garden Grove that it plans to turn into a senior housing and retail project.

Mobilitie Looks Good For Ride in Fast Lane

TECHNOLOGY: Potential deal with Sprint promises more growth

You could say that Mobilitie LLC moved up a weight class among Orange County’s private companies last year.

CalSTRS Gets Rockwell as Tenant in Irvine

REAL ESTATE: Hines, Oaktree sell for more than $60M

A San Francisco-based investor backed by funds from the California State Teachers’ Retirement System has bought a two-building office complex in Irvine in a deal believed to have topped $60 million.

Lennar Preps New Homes at Great Park Neighborhoods

Some Parasol Park Homes To Open in November

The first batch of home sales at Great Park Neighborhoods’ Parasol Park in Irvine appears to be kicking off a few months earlier than initially expected.

Hong Kong Firm Nabs IBC Residential Site

REAL ESTATE: 371 apartments eyed for St. John Knits buildings

A Hong Kong-based company that bills itself as a business incubator and investor in early-stage technology companies has taken a more down-to-earth approach with its first reported deal in Orange County: a land buy for a big apartment development in Irvine.

Anaheim Nears Sale of 25 Acres for Retail

REAL ESTATE: Zelman eyes 300,000 SF near Knott’s

The city of Anaheim is moving forward on plans to sell a long-vacant, 25-acre site on its western side to a retail developer.

Angels Push Back on Mixed-Use Plan Near Stadium

LT Global Awaits City EIR Decision, Council Vote

It looks like the biggest battle the sputtering Los Angeles Angels of Anaheim will have on their hands over the next few months will involve potential development of a 14.8-acre site next to their stadium.

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New Top Exec at Goodman Birtcher

Brandon Birtcher is no longer the chief executive of Irvine-based Goodman Birtcher, according to the industrial developer’s Australian parent company.

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First American Buying Title Insurance Research Firm

Santa Ana-based First American Financial Corp. is under contract to buy a New Jersey-based title insurance and real estate research firm on undisclosed terms.

$150M Sale of MV Medical Offices Sets Benchmark

REAL ESTATE: 4 buildings near Mission Hospital total 263,000 SF

A four-building collection of medical office properties surrounding Mission Hospital in Mission Viejo has changed hands for the second time since 2014 in what looks to be Orange County’s biggest office sale so far this year.

ARES Spends Close to $100M for Fullerton Rentals

REAL ESTATE: To renovate 421 units built in 1972, add 40

Irvine-based apartment investor Advanced Real Estate Services Inc. has made one of the largest local property buys of the year, for a 421-unit rental complex in Fullerton.

Angelo Gordon Leads $30M Laguna Hills Office Buy

REAL ESTATE: Deal retains Lincoln Property as investor

A recently renovated four-story office just off the San Diego (I-5) Freeway in Laguna Hills has a new owner.

Donahue Schriber Makes Retail Buy in ‘Silicon Forest’

New Beaverton Center Trades for Reported $101M

Costa Mesa-based shopping center owner and developer Donahue Schriber Realty Group has paid top dollar for a recently built property just outside Portland, Ore.

TRI Pointe Plans Townhomes at Nabisco Site

REAL ESTATE: Buena Park land bought from City Ventures

Irvine-based homebuilder TRI Pointe Group Inc. has taken over ownership of a prominent residential development site in Buena Park that previously held a Nabisco food manufacturing facility.

Shopoff Sees Long Haul on Redevelopment in HB

REAL ESTATE: Parcel along coast goes for $925,000 per acre

Bill Shopoff’s largest local acquisition in over five years—a former oil storage facility in Huntington Beach—could prove to be the most challenging entitlement project yet for the Irvine-based real estate investor and developer.

Logistics Outfit Goes Big on North OC Industrial in HQ Shift

REAL ESTATE: 441,000-SF deal in Fullerton biggest lease this year

Third-party logistics services provider 3PL Global LLC is expanding its Orange County presence and shifting its headquarters to Fullerton after signing the largest industrial lease here this year.

Dallas Buyer Gets Laguna Design Center for $53.7M

Colton Co. Paid $21.5M For Retail Property in 2000

Dallas-based retail property investor Dunhill Partners Inc. has bought a shopping center in Laguna Hills that caters to high-end design and home-furnishing tenants.

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.

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