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
CalAtlantic, Long Biggest OC Builder, Sold
Orange County’s stable of publicly traded homebuilders is nearly $6 billion lighter in market value now compared to a month ago.
4 Master-Planned Areas See Two-Thirds of Action
New-home sales reached a 15-year high in Orange County last year, thanks to a surge in condominium and attached-home sales and continued development at the area’s four largest master-planned communities.
Led Creative-Office Wave
In the mid-1990s, Bill Halford had just been hired by the office division of Newport Beach-based Irvine Co. and was still feeling his away around Orange County’s real estate market.
1,007 Homes at Cadence Park Scheduled to Open This Month
As the developer of Irvine’s Great Park Neighborhoods prepares to take the wraps off its latest new, and relatively expensive, homes at its Cadence Park community this month, the company is also proceeding with plans for a 723-home project that could include much more affordable price points.
Shea, New Home Co. Spend $35M for OC Sites
The Roman Catholic Diocese of Orange appears to be helping pay for its new home at Christ Cathedral in Garden Grove, and for additional facilities it plans in Santa Ana, one residential land deal at a time.
Industrial Building Would Be Nearly 100,000 SF
While retail watchers are keeping an eye on what, if any, redevelopment plans are in store for the Sears space at Costa Mesa’s glitzy South Coast Plaza, the mall’s owners are proceeding with a less glamorous project a few miles away.
Bixby Land Co. chief executive William "Bill" Halford, one of Orange County’s better-known real estate executives, died Monday. He was 58.
William Lyon Homes said on Tuesday that it has agreed to buy fellow Newport Beach-based homebuilder RSI Communities, for $460 million.
UDR Nears Finish Of $350M Luxe Rentals
Apartment owner and developer UDR Inc. is finding plenty of local assets to unload to pay for its $350 million project under way at the Pacific City mixed-use development in Huntington Beach.
REAL ESTATE: $17M asking price for ABM building
The owners of a recently renovated, fully leased creative-office project in Tustin are aiming for one of the largest per-square-foot sales prices for a building of its type in Orange County.
Drugmaker’s Main Campus In Line for Creative Makeover
Allergan PLC plans to vacate and sell three offices at its sprawling Irvine campus near John Wayne Airport, in the latest sign of retrenchment for the local operations of the drug-making giant.
REAL ESTATE: 1 of 2 Orange offices sold for $180M
Newport Beach-based KBS Realty Advisors, one of the country’s largest office owners, is poised to buy central Orange County’s biggest office tower in what would be its priciest local acquisition in over a decade.
REAL ESTATE: Ground floor of office to get retail
The smallest of the four offices run by C.J. Segerstrom & Sons next to South Coast Plaza in Costa Mesa, the seven-story 3420 Bristol St., is getting a makeover designed to bring its appearance more in line with its high-rise brethren.
New Projects Lease Up; $105M Buy in San Diego
Irvine Co., Orange County’s dominant office landlord with a local portfolio topping 26 million square feet, has had an active few weeks in two of its other key markets: Silicon Valley and San Diego.
REAL ESTATE: 218-home site buy as Lennar deal nears
Irvine-based CalAtlantic Group Inc.’s last big land deal as a stand-alone company could turn out to be a 14.5-acre site it just bought a few miles from its headquarters at the Tustin Legacy development.
Olen Sells 40-Story Tower
Igor Olenicoff, Orange County’s third-wealthiest businessperson, should be a bit richer after the sale of his company’s most valuable office property—a skyscraper it owned in downtown Chicago.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
$44M Yorba Linda Site Offers Half-Acre Lots
Toll Brothers Inc. is adding another high-end housing development to its Orange County portfolio.
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.
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: $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.