Iger Diemer: Bye-Bye BIA; Western Realco Buys Business Park
After stepping back from real estate to earn his master’s of business administration from Pepperdine University, Al Beaudette has resurfaced, joining Laguna Beach-based Griffin Holdings as its chief operating officer. Beaudette also will serve as president of Griffin Advisors, which offers consulting services, including entitlement and funding.
Beaudette began his real estate career 21 years ago as a commercial broker with CB Richard Ellis. While at CB, Beaudette worked in a variety divisions, including brokerage, national marketing, realty advisory services, asset management, finance and investments.
He also is the past president of the Southern California Chapter of the National Association of Industrial and Office Properties.
Beaudette comes to Griffin as the 20-year-old construction and development company readies for a number of large projects. The first is a venture with Hanson Industries to develop a 300-acre, $250 million commercial project in Las Vegas. CB Richard Ellis is set to handle the leasing on the retail side of the development.
Griffin also is developing the $82 million Southwest Justice Center, a 360,000-square-foot courthouse and jail complex for Riverside County.
The addition of Beaudette “will allow Griffin Advisors to expand its focus on strategic real estate consulting and advisory services for corporate, institutional and private clients,” according to Roger Torriero, Griffin Holdings chairman.
Diemer Iger Leaving BIA
A couple of weeks ago, the Business Journal wrote about the launching of an Orange County office for Manatt, Phelps & Phillips LLP. But I wanted to add my own two cents to the news because it involves Christine Diemer Iger, chief executive for the past 12 years at the Building Industry Association of Southern California/Orange County Chapter. Diemer Iger will resign from that position to join the law and lobbying firm.
While with the BIA, Diemer Iger, an expert in government and land use issues, helped the trade association and its nearly 1,000 members deal with the myriad of rules and regulations pertaining to homebuilding.
“Christine has guided BIA/OC through one of its most successful and productive periods ever,” said Steve Cameron, president of BIA/OC and the Orange County division of Fieldstone Communities.
“As a result of her leadership, the influence of the BIA has expanded well beyond the issue of housing, becoming a key player on a wide variety of issues affecting Orange County residents,” said Richard Dixon, president of the Orange County League of Cities and a council member of the city of Lake Forest.
At Manatt, Phelps & Phillips, Diemer Iger is serving as a resident partner in the firm’s government and international trade and policy unit.
At the firm, Diemer Iger said she plans to “expand my involvement in the political, policymaking and legal arenas, so that I may provide counsel to the clients who are impacted by decision makers at the local, regional, state and federal level.”
Lynne Fishel, deputy director of BIA/OC for the past five years, is taking over Diemer Iger’s duties while a search committee looks for a permanent replacement.
COMMERCIAL
Newport Beach-based Western Realco has acquired the 46-acre Stephanie Beltway Centre in Henderson, Nev., a Las Vegas suburb. The real estate developer plans to expand the business park. For now, the park includes a two-story, 55,000-square-foot office building and two one-story, 27,600-square-foot flex buildings. The completed project calls for 750,000 square feet of office, retail and flex space.
New construction on the project is set for 2002 and is estimated at more than $100 million.
Western Realco is developing and marketing Stephanie Beltway Center on behalf of Henderson Beltway LLC of Torrance.
RESIDENTIAL
The Southern California office for Trammell Crow Residential in Costa Mesa has purchased a six-acre parcel in Lake Forest for $3.25 million and plans to begin work on a 131-unit townhome development. The units will be available for rent by the first quarter.
Lake Forest-based Advanced Real Estate, which originally was developing the land for condos, sold the property to Trammell Crow.
“This is an excellent in-fill development opportunity in South Orange County given the current scarcity for land,” said Brad Perozzi, development project manager for Trammell Crow Residential.
Dallas-based L & B; Realty Advisors Inc. is the equity partner with Trammell Crow Residential and is providing financing on the project.
Brad Perozzi represented Trammell Crow in the deal while Rick Julian represented Advanced Real Estate.
Home Sales Dip, Prices Up
Home sales in Orange County declined 0.2% in May while the median price of a single-family home rose 7.4% vs. the same period a year ago, according to figures released by the California Association of Realtors.
The median price of an existing, single-family detached home in Orange County rose to $345,940 in May, as compared to the $322,080 median for May 2000.
