Orange County Business Journal

Year of Reckoning for Costa Mesa Developers

General Plan, Slow-Growth Measures Headline Agenda

2016 is shaping up to be a year of heavy suspense for a nearly 3-mile swath in Costa Mesa just north of the San Diego (I-405) Freeway in terms of potential residential and commercial development.

Creative-Office Trend to Great Park

REAL ESTATE: Anchors FivePoint’s revised plan for 73-acre site

The developer of Great Park Neighborhoods in Irvine has earmarked a 73-acre portion of the former El Toro Marine Base for a commercial project featuring creative-office buildings, among others.

Koreatown South: LA Investor Buys Into Buena Park Downtown

REAL ESTATE: Adds 535,000 SF of retail in wake of sale of LA mall

A Los Angeles-based investor with ties to that city’s Korean-American community has bought a majority stake in Buena Park’s largest mall.

400 Spectrum Tower on Track After Nearby Leases

WeWork, Curse Inc. Join Mazda in 21-Story Office

The Irvine Co.’s plans for a sister tower for its 200 Spectrum office building appear to be on the fast track after a flurry of leasing activity for the developer’s speculative office tower, which is nearing completion.

Rare Run on PCH

‘Entirely New Type of Investor’ for Commercial Properties Along NB Stretch

It’s rarely a bad time to sell a waterfront commercial property in Newport Beach, home to some of the most desirable—and expensive—real estate in California.

Platinum Triangle Pendulum Swings Back

For-Sale Project Follows Nearly 10 Years of Rental Developments

A Newport Beach-based homebuilder is planning the first dedicated for-sale housing project in Anaheim’s Platinum Triangle district in nearly a decade.

Hines Adds to Local Portfolio With Former Fisker HQ

REAL ESTATE: Plans makeover to stand out in Anaheim Canyon

Hines Interests LP has bought the former headquarters of Fisker Automotive and Technologies Group LLC in Anaheim, adding another office to its already sizeable base of buildings in North Orange County.

‘Creative’ Offices Go Big With Latest Wave of Projects

Multistory Office Sites Get Developer Attention

Area office owners are super-sizing the latest crop of creative-office redevelopment projects on tap in Orange County.

Developer Would Raze Los Al City Hall for Retail

REAL ESTATE: Lincoln owns 10-acre parcel next door

Lincoln Properties Co. is in talks to buy the Los Alamitos City Hall and municipal center, a 3.1-acre site on Katella Avenue where the developer plans to build a shopping center.

Apartment Developer Adds Colton Co. Offices to IBC Mix

REAL ESTATE: Site could get 800+ units under Garden Communities

San Diego-based Garden Communities of California has bought a multibuilding portion of the Colton Plaza office campus next to John Wayne Airport where the company plans to build a big multifamily project.

Hines Gets $65M for Pair of Fully Leased Offices

REAL ESTATE: Moshayedis pony up $34M for IBC property

Real estate owner and developer Hines Interests LP has sold a pair of properties it owned near John Wayne Airport for nearly $65 million.

Irvine Ranch Retains Top Spot for Local Home Sales

Sales Up 17%; FivePoint Project Ranks No. 16 in US

The Irvine Ranch retained its ranking as the second best-selling master-planned community in the country last year, according to a new report by Irvine-based John Burns Real Estate Consulting.

Bandai Vacates HQ, Cypress Office in Line for Sale

REAL ESTATE: Toy maker to L.A.; Japan-based investor to buy office

A real estate investor based in Japan is in line to buy the most distinctive office building in Cypress in the recently vacated headquarters of toy company Bandai America Inc.

$87.5M Surf City Rental Flip Points to More Heat

REAL ESTATE: Value of 277 units up nearly 30% since 2012

An estimated $87.5 million sale of an apartment complex in Huntington Beach is the latest indicator that the city’s multifamily market remains hot.

Second Douglas Park Hotel for Nexus Moves Ahead

Long Beach Project Mix Of Hampton, Homewood

Santa Ana-based Nexus Cos. has gotten the go-ahead for a second hotel project in the Douglas Park development in Long Beach.

Mazda Gives Spectrum Tower New Gear

Takes 5 Floors for HQ as Speculative Project Nears Completion

The Irvine Company has landed Orange County’s largest automaker to anchor its new office tower in the Irvine Spectrum.

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CHOC Pays $44M for Orange Office

Children’s Hospital of Orange County has bought an eight-story medical and office building next to its main campus in Orange.

Real Estate: Scott Stowell

Change in Standard Operating Procedure Puts Homebuilder Among Top 5 in Nation

The largest homebuilder based in Orange County got a lot larger on Scott Stowell’s watch last year.

KBS Eyes Charlotte Market With $147M Tower Buy

Deal Would Be First Office In City for NB Investor

An affiliate of Newport Beach-based KBS Realty Advisors is under contract to buy a 24-story office tower in Charlotte, N.C.

MetroCenter in Line for Big Renovation

REAL ESTATE: Sale likely biggest office deal of 2015

The new owners of MetroCenter at South Coast are planning a major renovation project of the office complex, with an expectation of turning the Costa Mesa site into one of Orange County’s most unique office campuses.

Invesco Buys Into Fluor Campus in Aliso Viejo

REAL ESTATE: No indicators engineering firm plans to vacate

Dallas-based institutional investor Invesco Real Estate has completed its second big office purchase in Aliso Viejo in the past year.

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Sunstone Sheds NY Hotel for $540M

Aliso Viejo-based hotel investor and operator Sunstone Hotel Investors Inc. said that it has sold its leasehold interest in New York City’s Doubletree Guest Suites Times Square for $540 million.

2016 Preview: REAL ESTATE

Expect to see a lot more construction cranes join the skyline this year.

Lido Village Waterfront Office Bought for Redo

REAL ESTATE: Burnham pays $16.6M for Olen sites

Burnham USA is the latest developer looking to help revamp the Lido Village area of Newport Beach.

PacSun Eyes HQ Sale to Raise Cash

REAL ESTATE: Company would lease back Anaheim property

Pacific Sunwear of California Inc. is exploring a sale of its Anaheim headquarters in an effort to raise cash.

Newport Dunes Land Could See Pair of Hotels Built

275 Rooms,‘Value-Oriented Accommodations’ Planned

Brighton Management LLC, an Irvine-based hotel developer and manager, is looking to double down on plans at the Newport Dunes marina property in Newport Beach.

Another Insurance Firm Places Bet on OC Office Market

REAL ESTATE: New York Life affiliate snaps up tower near airport

One of the buildings at the Von Karman Towers office complex near John Wayne Airport is the latest local property to be purchased by a large insurance company.

2015 YEAR IN REVIEW: Real Estate

Development action at the Platinum Triangle in Anaheim moved into overdrive this year, despite lingering uncertainty over the area’s biggest tenant: the Angels baseball team.

Greenlaw, Stillwater Partner for 2nd San Gabriel Buy

JV With CrossHarbor Pays $35M for Lakes Offices

Two local investors have teamed up to buy a second office campus in the San Gabriel Valley.

New Look for Old St. John Knits Site?

REAL ESTATE: LBA envisions offices, hotel, movie theater, retail

LBA Realty, the owner of much of the Park Place mixed-used campus in Irvine, is looking to build a companion project on a nearby parcel of land that would feature offices, a movie theater, a hotel, retail and other features.

LBA Latest OC Investor With Eye to Buy in Phoenix

Rumored $275M Deal For 4-Office Portfolio

LBA Realty is in line to buy a big office complex in Phoenix, making the Irvine-based investor the latest Orange County real estate company making waves in that region.

Hip Is Hot: Costa Mesa Retail Center Draws $120M Investment

REAL ESTATE: LA firm buys into Burnham-Ward project off 405

SOCO—the hip mix of furniture, fashion, design and food tenants along the San Diego (405) Freeway in Costa Mesa—has gotten a new ownership structure and a big boost in its valuation.

IBC Apartment Sale Points to New Benchmark

REAL ESTATE: Estimate on per-unit price tops $400,000

A recently built apartment complex has traded hands in what looks to be one of the priciest per-unit deals for a multifamily property in the Irvine Business Complex.

Irvine Developer Gets $23 Million for Anaheim Hotel

Five-Story, 110,000-SF Project Set to Open in ’16

One of the developers planning a hotel for Anaheim’s resort area has gotten a construction loan to get the project under way.

Olen’s Spree: 3 Deals, 3 States, 1,000 Apartments

REAL ESTATE: Portfolio now tops 12,000 residential units

Olen Properties Corp. has spent nearly $200 million to buy three out-of-state apartment complexes this month, adding to a busy year of acquisitions for the Newport Beach-based real estate owner and developer.

Western Realco Buys 2nd Fullerton Development Site

8 Acres a Few Blocks From Former Beckman HQ

Western Realco has added another property in Fullerton—and another site with ties to medical testing company Beckman Coulter Inc.—to its industrial development pipeline.

John Hancock Pays $104.5 Million for 5000 Birch

REAL ESTATE: Insurer adds 3rd office building in JWA area

The real estate investment arm of John Hancock Life Insurance Co. has added a pair of office buildings in Newport Beach to its growing local portfolio.

China-Based Builder Gets 96 Acres in Lake Forest

REAL ESTATE: Pegged for 626 homes; deal estimated at $190M

A China-based homebuilder looking to diversify its operations into the U.S. has bought a big development site in Lake Forest.

Mobilitie's Move

$325M in Funding, Hiring Spree Point to National Network of Small Cell Base Stations

A just-completed $325 million fundraising deal for Mobilitie LLC comes as the Newport Beach-based wireless infrastructure company is gearing up for what it is calling the “largest network deployment initiative in the U.S.”

New Home Takes Upscale Offerings To Phoenix Market

REAL ESTATE: First project outside state resembles Meridian in Newport

The New Home Co. has inked a deal to build an upscale housing project in the Phoenix area, its first development outside California.

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Mobilitie Raises $325M in Debt Funding

Newport Beach’s Mobilitie LLC said that it had raised $325 million to fund the deployment of its wireless infrastructure projects.

OC Office Development Gets Serious on Spec for '16

2.5M SF in Works Approaches Prerecession Pace

Developers are taking a much more varied approach to projects planned for Orange County’s office market next year than during the area’s last building boom.

Harrah Sees ‘Whole Package’ in Register Parent’s Turmoil

Developer Part of BK Bid, Could Try Again on Last of Publisher’s Land

Developer Mike Harrah said he remains interested in buying 14.3 acres surrounding the headquarters of the Orange County Register despite an earlier deal for the land falling apart and the newspaper’s parent company’s latest complications.

Texas Mortgage Firm To Pacific Arts Plaza

REAL ESTATE: Pacific Union to consolidate local offices

Irvine Company has found a tenant for one of its largest empty blocks of office space in the area around John Wayne Airport.

Voit’s Latest Local Changes Are RiverRock’s Gains

1.5M-SF Management Pact Adds to Strategic Moves

Newport Beach-based RiverRock Real Estate Group Inc. has picked up a sizeable account for its property management business in the latest big change in the operations for Voit Real Estate Services and its affiliated companies.

Tustin Property for Retail, Hoag Projects Near Sale

City-Owned Land Trading For Less Than Nearby Sites

The developers looking to turn a nearly 21-acre parcel at Tustin Legacy into a retail and healthcare project appear to be getting a good price on the city-owned land.

Homebuilder Tops List After 2 Years Back in Public Market

Industry Watchers Speculate It Could Be Ripe for Consolidation Trend

Improving fortunes in the housing market and a disciplined operating plan have provided a boost to the fortunes of William Lyon Homes Inc. during its return to the public markets.

Garden Grove Hyatt Draws Chinese Buyer

REAL ESTATE: Shanghai firm paid $137M for 653-room hotel

An affiliate of one of China’s largest construction companies has purchased the Hyatt Regency Orange County in Garden Grove for $137 million.

KBS Latest OC Firm To Eye Big Easy Hotels

REAL ESTATE: $51.2M buy comes as $2.3B REIT ramps up

KBS Realty Advisors is the latest Orange County real estate investor looking to invest in New Orleans’ hospitality market, even as the Newport Beach-based company continues to seek deals—and investors—in its own backyard.

Lease Buffs Newport Center’s Financial Luster

REAL ESTATE: Irvine Co. nabs BofA division for new tower

The Irvine Company has landed its largest tenant yet for the new 520 Newport Center office tower next to Fashion Island.

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