Mark Mueller covers commercial and residential real estate for the Orange County Business Journal. His beat also includes title insurers and mortgage lenders, as well as government stories that relate to real estate. He can be reached at firstname.lastname@example.org.
Phone: 949-833-8373 Extension: 226
REAL ESTATE: Lease expands Irvine presence by about 75%
Data analytics software maker Alteryx Inc., which went public in March, has signed a deal to expand its Irvine headquarters at a rate almost matching its impressive stock growth since a $14-a-share initial public offering.
Just 167 Units Remain Out Of 15,000 Cap Set in 2010
A 150-unit apartment complex proposed at 2525 Main St. in Irvine about a mile from John Wayne Airport has gotten the nod as one of the last residential projects approved for the Irvine Business Complex under current density limits.
REAL ESTATE: Horowitz Group latest McFadden Center owners
An investment group in Laguna Niguel that’s best known for its restaurant and grocery chain investments, including in Sprouts Farmers Market, is turning its attention to Orange County’s industrial market.
Another residential tower is being considered for the sprawling Central Park West mixed-use development in Irvine.
The development team responsible for the largest residential project under way in Santa Ana, the 1,221-unit Heritage apartments near John Wayne Airport, has its eye on another site in the city near the Discovery Cube Orange County for another big multifamily development.
REAL ESTATE: Growing CPA firm to Irvine Towers
Squar Milner LLP, the largest accounting firm based in Orange County, is beefing up its local presence with a new headquarters location following an active year on the merger front outside of the county.
Westminster Faces CMBS Issues; Brea Site Just Sold
Changes could be in the cards this year for two of Orange County’s largest shopping centers, due to the forthcoming closure of anchor tenant Sears.
REAL ESTATE: $34.8M office deal follows Press sale
Kearny Real Estate Co.’s departure from the South Coast Metro office market was a short-lived one.
Lincoln to Upgrade Site Next to 605, 150,000 SF
The owner of a 9-acre office site next to Los Alamitos City Hall that was once intended to hold Orange County’s first 365 by Whole Foods Market has changed redevelopment plans.
Toll Brothers Inc. has completed one of Orange County’s largest residential land transactions of the past year, for a large chunk of the Pacifica San Juan housing development in San Juan Capistrano.
Seeks Sale or JV For Tower, Old Register HQ
Real estate developer Mike Harrah is seeking a financial partner, and perhaps an outright buyer, for his two prized development sites in Santa Ana.
REAL ESTATE: Lender pays $22.5M for Radius site
Fast-growing mortgage lender New American Funding has bought a creative-office campus down the street from its Tustin headquarters.
1.3% Vacancies Here Bode Well for Sellers
Orange County’s ultra-tight industrial sector is resulting in record-breaking sale prices for the few buildings being added to the local market, and is apparently drawing more real estate investors and developers to the area.
REAL ESTATE: Land near Segerstrom Center goes for $55M
A development site in Costa Mesa’s arts district that’s earmarked for a luxury apartment project has traded hands at one of the highest per-acre prices in the region recently.
REAL ESTATE: Hines, Turner to rehab them; Edwards deal close
Two area real estate developers have bought two large industrial buildings in the Irvine Business Complex area vacated last year by Royalty Carpet Mills Inc., in separate deals valued at more than $70 million combined.
More Deals Off Irvine Ranch; ‘Attainable’ Focus
The New Home Co., one of the most active builders on the Irvine Ranch in the past few years, is expanding its presence to other Orange County markets this year.
A two-story, flagship H&M clothing store is the largest of the new slate of tenants coming this summer to a new phase of the Irvine Spectrum Center.
Melia Eyes New Homes; Says 2019 Start at Earliest
Melia Homes apparently got itself a relative bargain for a Newport Beach apartment complex it bought last month.
SPORTS: Japanese star Honda invests in OC team
Orange County Soccer Club has brought on one of Japan’s best-known athletes as a part-owner and a link to a new source of players and endorsements for the upstart soccer franchise.
REAL ESTATE: 2600 Michelson Goes For $120M, Up 70% Since ’11
The 2600 Michelson tower in Irvine has been acquired by an investment affiliate of Los Angeles-based brokerage CBRE Group Inc. in one of the priciest office transactions in the John Wayne Airport area of the past year.
The Irvine Ranch retained its position as the best-selling master-planned community in Orange County last year, while three other communities in Orange County also ranked among the top 20 in the nation for sales in 2017, according to a new report.
Bren’s HQ2 Bid Puts Irvine’s Growth on Display
Donald Bren went all in last year to try to bring Amazon’s second headquarters to Irvine, a rare public display of deal soliciting from Orange County’s dominant businessperson.
SERVICES: Brand star of new umbrella co. Xponential Fitness
A new fitness-focused umbrella company anchored by Club Pilates—one of the country’s fastest-growing franchising businesses—plans to pump up the size of its Orange County headquarters and operations.
REAL ESTATE: No. 15 among US streets, sixth in state
Newport Center Drive’s role of prominence in Orange County’s office market—including prominent rents—remains unsurpassed, according to a new national brokerage report.
Pendulum Property, Long Wharf JV Pay $40M-Plus
Irvine-based Pendulum Property Partners, a commercial real estate investor and developer that kicked off operations a little more than a year ago, ended 2017 with a bang.
169 Detached Condos And 1,781 Rentals Eyed
Irvine Co. plans to add a limited amount of for-sale housing to offerings in its Los Olivos community in the Irvine Spectrum area.
REAL ESTATE: Collection of Moshayedi family properties eyed for 600,000 SF
The biggest property owners in the Mariner’s Mile area of Newport Beach have proposed the largest development the high-traffic area’s had in years, a mixed-use project featuring retail, offices, restaurants and apartments.
REAL ESTATE: Melia Homes plans to convert site that now holds rentals
Irvine-based homebuilder Melia Homes is looking to tear down an older apartment complex in the Westcliff area of Newport Beach to make way for one of the largest for-sale housing developments that part of the city has seen in years.
Orange County’s real estate market is approaching its ninth year of growth, albeit sometimes choppy growth, largely unprecedented territory considering most real estate cycles last six or seven years at best.
5 Big Stories
Irvine Ranch became the country’s largest source of new-home sales; Great Park Neighborhoods, Rancho Mission Viejo and Lake Forest’s Baker Ranch were also among the 25-best-selling communities in the U.S.; and average new-home prices in Orange County veered closer to $1 million.
REAL ESTATE: $165M securitization firm’s first
The acquisition of Veros Credit LLC’s Santa Ana headquarters is the latest piece of notable business this year for the family-owned auto finance company, which is taking steps to ramp up lending operations.
REAL ESTATE: Roos gets OC, West; 1 spot for CalAtlantic
Lennar Corp. plans to install its own executives in the top spot in four of the five national homebuilding regions it will run after buying Irvine-based Cal- Atlantic Homes, according to company documents provided to the Business Journal.
$44M Yorba Linda Site Offers Half-Acre Lots
Toll Brothers Inc. is adding another high-end housing development to its Orange County portfolio.
67% Leased; Some Shops Not Paying Fixed Rents
The Anaheim GardenWalk shopping center is up for sale for the second time in five years.
REAL ESTATE: $65M sale big boost from $39M valuation
The new owners of the former Los Angeles Times printing facility in Costa Mesa are switching up redevelopment plans of the 24-acre site next to the headquarters of the Los Angeles Chargers, with a “high-end public market” concept alongside previously planned creative-office uses.
REAL ESTATE: Says hotel operator’s sales claims false
The purchase of a medical office and retail property in Mission Viejo appears to have gone a bit smoother for Laguna Beach-based Combined Investments LLC than a notable hotel deal it has in the works in its home city.
Law Firm, Tenant Since 2015, Now Owner
The value of a recently sold Newport Beach office building on Von Karman Avenue near John Wayne Airport has spiked in a little more than two years.
REAL ESTATE: Koll Co. buys SkyPark; SF’s Sack gets Sendero
Irvine Co. has offloaded two older properties, an apartment complex in Huntington Beach and a business park close to John Wayne Airport, in separate deals.
Pacific Industrial-Led Buy for Site on Katella
An 8.6-acre site in Anaheim’s Platinum Triangle is being considered for a variety of new commercial real estate development options following its recent sale.
Lincoln Partners With Kushner-Backed Group
Lincoln Property Co. has added another big Platinum Triangle property to its local portfolio, buying the 14-story Orange Center Tower office building with backing from a well-connected financial partner.
The owners of the Costa Mesa creative office complex that holds the headquarters of the Los Angeles Chargers have picked up an even larger redevelopment site next door.
Irvine Co. has shaken up the executive team of its retail properties division, which operates the largest collection of shopping centers and neighborhood centers in Orange County.
Kimco Takes Over, Pays $304.7M for 688,000 SF
The District at Tustin Legacy has quietly changed its ownership structure, and the new controlling owners for Orange County’s sixth-largest shopping center by sales have just completed a significant new financing deal for the massive retail property.
Office, Retail, Other Projects Could Top 3M SF
If you pull up a map of Orange County on Google Earth and zoom into the region’s center, you’ll find yourself staring at the Tustin Legacy development.
Near Miss for Anaheim Mall After 2014 Lease
The Anaheim Gardenwalk entertainment center near Disneyland Resort has faced its share of leasing challenges since its 2008 opening, a good portion of it sitting vacant or underutilized for a large portion of its history.
Five Point Holdings LLC said it has sold the 103 acres of land that will hold the next batch of homes at Irvine’s Great Park Neighborhoods, for $475 million.
164,000 SF for Amazon, Takes Ericsson Space
Tasseography followers, take note: Amazon appears to be a fan of Irvine Co. office properties.
REAL ESTATE: Caps $150M in deals for Greenlaw Partners
The Triangle, the Costa Mesa entertainment center that’s home to some of the city’s busiest nightspots, restaurants and other venues, has been sold to a Los Angeles-based real estate investor who’s no stranger to the dating scene.
El Toro Land Rivals in 2005 Have Big OC Ops
Irvine will apparently become a central hub of operations for Lennar Corp. following its acquisition of locally based CalAtlantic Homes, but consolidation of the homebuilders’ Orange County offices and staff over the next year will likely result in area job cuts.
Irvine Warehouse Part of International Tariff Caper
The foreign owners of Irvine’s 2323 Main St. industrial building are fighting the federal government’s attempt to seize ownership of the airport-area property, citing in court filings “demonstrably false” allegations and violations of its due process.