Orange County Business Journal

LA Investor Gets Most of Airport-Area Office Campus

REAL ESTATE: Apartments, user sales some possibilities

The bulk of a 24-building low-rise office campus on Von Karman Avenue in Newport Beach has been sold to a Los Angeles-based real estate investor that’s evaluating development prospects at the nearly 20-acre site.

Backlogs Yet to Boost Construction Firms’ Top Lines

Revenue of 27 Biggest Decreases About 11%

A significant increase in the backlogs of Orange County’s largest commercial construction companies didn’t immediately translate into more work for them last year.

Goodman Birtcher Goes Big With Logistics Center

Inland Empire Site Will Have 1.6 Million SF Built on Spec

Goodman Birtcher in Irvine is getting busy with its plans to become one of the country’s biggest developers of large-scale industrial developments.

Google Gets Own Glass For OC Office

REAL ESTATE: Building about done, less costly ‘creative’ space

The new Orange County office for Google Inc. fills up the last chapter in the development of Impac Center in Irvine, a four-building office complex nearly a decade in the making.

Standard Pacific Adds to OC-Austin Connection

850 Homes in 10 Spots in Streetman Purchase

Austin has been a go-to source of business opportunities for Orange County’s commercial real estate industry in the past few years, with office and apartment investors in particular snapping up properties at a rapid clip in and around the Texas capital.

Developers Exceed Post- Recession Mark for First Time

Six Firms Finish 1.6M SF, More Than Double Last Year

The opening of new headquarters for two of Orange County’s better-known companies helped the area’s commercial development sector top a square footage mark not seen in six years.

RLJ Lodging Doubles OC Presence With Irvine Buy

$66M Price Tag Given to Embassy Suites Sale

Bethesda-based hotel operator RLJ Lodging Trust has snapped up a hotel in Irvine, its second local acquisition this year.

Hines’ Latest Buy: State Fund Building in Santa Ana

REAL ESTATE: Joins again with Oaktree, adds eight-story office

Hines Interests LP and Oaktree Capital Management LP have closed on their second major Orange County office property acquisition in as many weeks, adding the eight-story State Fund building in Santa Ana to their joint portfolio.

City Gets Creative at Tustin Legacy

REAL ESTATE: Wants office campus in line with hip trend

The city of Tustin is looking to turn a 43-acre portion of its Tustin Legacy development into Orange County’s largest creative-office campus.

Upscale Student Housing Project Set for UC Irvine

Beat Out Two Bidders for $92 Million Dorm Project

Construction company Hensel Phelps has been selected to build a student housing project for freshmen at the University of California-Irvine.

Hines Gets 6 Buildings, Extra Acres at Brea Place

REAL ESTATE: Latest deal with Oaktree totals 560,000 square feet

Hines Interests LP has established itself as one of the largest commercial property owners in North Orange County following the purchase of a six-building office campus in Brea.

Arbonne Renews Lease for 146,000-SF HQ in Irvine

REAL ESTATE: Cosmetics firm considered relocation

Cosmetics company Arbonne International LLC has renewed the lease for its Irvine headquarters in one of the largest leases reported in the county so far this year.

Coastal Comeback

St. Regis Price Pegged at $320M, Reflects Rebound for Luxe Resorts

If the foreclosure proceedings faced by the St. Regis Monarch Beach Resort in 2009 was Orange County’s most notorious illustration of the last real estate crash, then May’s low-key sale of the posh resort represents a quiet but clear comeback for the high end of the hospitality industry here.

Yokohama Tire Plans to Leave Fullerton

REAL ESTATE: Plans to sell HQ here, shift to 658,000 SF in IE

Yokohama Tire Corp. plans to move its corporate headquarters from Fullerton to a newly built industrial facility in Chino later this year.

KBS Realty Spends $340M on Buys in Three Cities

Phoenix, Baltimore, Atlanta Targeted in Recent Round

KBS Realty Advisors remains on the hunt for acquisitions after pulling off one of the larger office sales of the year.

Irvine Company Tops 2 Charts on $850 Million Buy

REAL ESTATE: New benchmark for OC acquirers, Chicago sellers

Real estate watchers had been expecting the Irvine Company to go on an office-buying binge since last year, when Orange County’s dominant real estate owner and landlord struck a financing deal to free up nearly $875 million in cash for potential acquisitions.

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St. Regis Monarch Beach Sold

The St. Regis Monarch Beach in Dana Point has been sold to a Denver-based private equity firm.

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St. Regis Monarch Beach Sold

The St. Regis Monarch Beach in Dana Point has been sold to a Denver-based private equity firm.

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Irvine Company to Buy Chicago Skyscraper for $850M

The Irvine Company has struck a deal to buy a Chicago skyscraper for $850 million.

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Irvine Company to Buy Chicago Skyscraper for $850M

The Irvine Company has struck a deal to buy a Chicago skyscraper for $850 million.

Irvine Co.'s Wirta Named Chairman of CBRE

Irvine Co. executive Ray Wirta has been named the new chairman of Los Angeles-based brokerage CBRE Group Inc.

HB’s One Pacific Plaza Office Complex Sells for Nearly $95 Million

REAL ESTATE: Prudential snaps up three-building campus

The most prominent office complex in Huntington Beach has become the latest large property snapped up by a national real estate investor eager to invest in Orange County’s rebounding office market.

New Drive for Buchanan Street

Founders Back to Majority Stake, Take on Creative-Campus Project

The purchase of a creative-office campus in its hometown has capped off a period of reinvention for Newport Beach-based Buchanan Street Partners.

BofA Campus, One of OC’s Largest Offices, For Sale

Brea Property Expected to Command $120 Million

One of Orange County’s largest and best-leased offices has hit the sales market.

Register Owners to Sell Santa Ana Land to Wm. Lyon Homes

REAL ESTATE: Grand Avenue parcels surround newspaper’s office

The owners of the Orange County Register have reached a deal to sell the bulk of the land they own around their Santa Ana headquarters to William Lyon Homes.

Irvine Co. Bolsters Plans for Spectrum Campus

REAL ESTATE: Seeks city OK for 1.5 million SF midrise project

The Irvine Company has expanded its plans for an office campus that’s been envisioned as a new home for chipmaker Broadcom Corp. near the Irvine Spectrum.

Angel Stadium Drama No Curveball for Apartment Developers

REAL ESTATE: Platinum Triangle could have 1,400 units in works soon

Uncertainty over the long-term future of Angel Stadium as the centerpiece of Anaheim’s Platinum Triangle hasn’t stopped apartment developers from pushing ahead with new projects in the area.

Bankrupt Chain Would Leave Retail Hole in Its Wake

18-Year-Old Easy Life Has 14 Stores, HQ

The companywide liquidation of Buena Park-based furniture chain Easy Life Furniture Inc. is likely to leave a sizable hole in retail space across Southern California, not to mention a vacant warehouse in the company’s hometown.

OC Properties Prominent in $1.4B CMBS Package

REAL ESTATE: Deal sheds light on recent gains at retail center, 2 hotels

Orange County has an outsized role in the commercial mortgage-backed securities market these days, with the Outlets at Orange shopping center and a pair of hotels near the Disneyland Resort backing one of the largest transactions in what has been a sluggish market so far this year.

Seal Beach Dendreon Plant Sells for $21.1 Million

Downsized Company Still Under Long-Term Lease

The Seal Beach plant used by drug maker Dendreon Corp. has been sold to a Los Angeles-based industrial property investor.

Tower Plan Adds to Downtown Design for Irvine Spectrum

REAL ESTATE: Office, apartments resemble shift in Newport Center

The Irvine Spectrum is expected to see construction of its first new office tower in seven years begin later this year, adding to an already heavy dose of new development in the immediate area.

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Easy Life Furniture to Shutter Operations

Buena Park-based furniture chain Easy Life Furniture Inc. has filed for bankruptcy and plans to liquidate its operations over the next two months.

GG Fronts 12 Acres, $50M in Bonds for Hotel

REAL ESTATE: Plans include 603-room hotel, water park

The development of a hotel and water park that’s been four years in the making on Harbor Boulevard in Garden Grove is set to move ahead following a land transfer and a new investor in the development.

Allergan HQ in Line for Brunt of Cuts Under Valeant Deal

ECONOMY: R&D furloughs most likely if $47B sale goes through

Steep cutbacks in the research and development staff of Allergan Inc. would likely be the most immediate local byproduct of the Irvine-based drug maker’s $47 billion sale to Valeant Pharmaceuticals International Inc. if the hostile takeover comes to pass.

RREEF Owners Back to Buying OC Office Properties

Deutsche Asset & Wealth Pays $20.4M for Center

German investment giant Deutsche Asset & Wealth Management, one of Orange County’s larger office owners, has made its first local real estate purchase in seven years.

$89 Million for LH Apartments

REAL ESTATE: $247,000 per unit for 16-acre complex near 5

The sale of a 360-unit apartment complex in Laguna Hills looks to be the priciest multifamily transaction seen in Orange County so far this year.

2600 Michelson Hits Market in Search of 9-Figure Price Tag

REAL ESTATE: Days of distress over; seller could get $340 PSF

The 2600 Michelson tower in Irvine has hit the sales market, the latest local office property expected to sell for more than $100 million.

OC Office Sales Pass $400 Million Mark in First Quarter

First Time Milestone Met Here in Seven Years

The recent $129 million sale of the Griffin Towers office complex in Santa Ana capped off a memorable period for big-dollar office sales in Orange County.

Apartment Investor Buys Laguna Niguel Business Park

REAL ESTATE: $4.7M per acre for site entitled for residential

A Phoenix-based apartment investor has paid a reported $24.1 million for a four-building business park in Laguna Niguel that was recently entitled for a multifamily project.

Apartment Boom Helped Fuel Opus Bank’s Rise

FINANCE: Biggest in assets gives details in IPO filing

Add Irvine-based Opus Bank to the list of local landlords, developers, land owners and other companies benefiting from the red-hot apartment market of recent years.

Placentia Infill Home Site Approved, Goes to Market

HQT Homes Planned 78 Houses at Former Farm

Schaner Ranch, an 8-acre infill site in Placentia recently approved for home development, is on the sales block.

Allergan Additions Expected Near Irvine Campus

REAL ESTATE: Said close on buys of 2 buildings for 68,500 SF

Allergan Inc. is nearing a deal to buy a pair of office properties across the street from its headquarters in Irvine, according to real estate sources.

Healthcare Startup to Move Into Lakeshore Towers

REAL ESTATE: Alphaeon’s plan counts on cash-pay lines

Alphaeon Corp., a startup lifestyle healthcare company that’s gotten notice as a potential candidate for an initial public offering later this year, has signed a deal to move its growing operations to the Lakeshore Towers office complex in Irvine.

Anaheim Industrial Property Goes for $27.2M

REAL ESTATE: Biggest industrial spec sale in years

A recently built industrial facility in Anaheim just outside the Platinum Triangle has been sold to a logistics company that is expanding its local operations.

Top Public Cos. Total $134B on 18.7% Gain in Market Cap

ECONOMY: Allergan No. 1 again; Western Digital adds $9.6B

Orange County’s largest publicly traded companies combined for a cool $20 billion boost to their market valuations over the past year, thanks to strong gains by Allergan Inc. and Western Digital Corp., the largest representatives of the local healthcare and technology sectors.

CDM, South Coast Metro Sales Come at High Price

Retail Properties Bring $520 Per SF and Higher

A pair of smaller-sized retail properties in Corona del Mar and Santa Ana have changed hands at eye-catching prices.

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Taylor Morrison Venture Buying San Clemente's Marblehead Site

Taylor Morrison Home Corp. is buying San Clemente’s Marblehead residential development.

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Taylor Morrison Venture Buying San Clemente's Marblehead Site

Taylor Morrison Home Corp. is buying San Clemente’s Marblehead residential development.

Bixby Gets 7-Building Campus in Silicon Valley

REAL ESTATE: $110M buy eyed for creative makeover, near new stadium

Irvine-based Bixby Land Co. has bought a seven-building office campus in Silicon Valley, the commercial real estate developer and investor’s largest acquisition in nearly seven years.

No IPO, No Problem for City Ventures

REAL ESTATE: Homebuilder raises $345 million with land sales

City Ventures Inc. has shown that there are other ways to raise money, even as some fellow Orange County-based homebuilders have opted to join a recent trend of initial public offerings.