Fullerton Park Signs First Lease, 196K Square Feet to Go
Newport Gateway Sees Handful of Leases; Pinnacle Building Homes Across Southland
REAL ESTATE
by Daniel D. Williams
COMMERCIAL
Snyder Langston Operon Group finished work on the 216,709-square-foot Fullerton Moore Business Park and landed its first tenant with another in the works.
Colliers Seeley International Inc. closed a five-year lease between Snyder Langston Operon Group and audio products maker Klipsch Audio Technologies, which took 20,410 square feet at the park. The deal is valued at $1 million.
Another lease for 35,000 square feet is brewing, according to Clyde Stauff, senior vice president and managing director with Colliers Seeley’s Anaheim office.
Stauff said he is surprised that the park’s first deals are leases. With low interest rates, the sale of industrial buildings has been strong lately while leases have slowed since last July.
The Fullerton project is a joint venture of Irvine-based Snyder Langston LP and Newport Beach-based The Operon Group. Last year, the developers bought 10.9 acres with plans to build three buildings on the southwest corner of Gilbert and Moore avenues.
Snyder Langston Operon Group bought the former aerospace land from Raytheon Co. for $2.9 million. Estimates put the development of the industrial park at $17 million.
After purchase, the developers divided the speculative park into sites for three standalone buildings. The buildings are concrete tilt-ups and range from 53,216 square feet to 89,315 square feet. They have 24-to 30-foot ceiling clearances.
The developers broke ground on the business park in July and completed building in April. Snyder Langston was the contractor for construction of the buildings. Irvine-based Ware & Malcomb was the project’s architect.
“The buildings were developed for warehouse and distribution as well manufacturing use,” Stauff said.
The Fullerton Moore Business Park is part of a strategy by Irvine-based Snyder Langston and Operon to acquire in-fill industrial sites in OC and develop on them.
Klipsch, an Indianpolis-based maker of speakers and amplifiers with a plant in Orange, is taking space at 2319 Moore Ave. for storage and distribution.
Stauff and Brad Christian of Colliers Seeley represented Snyder Langston Operon Group. Ben Seybold and Zach Niles of CB Richard Ellis Services Inc. represented Klipsch.
Newport Gateway Activity
Newport Gateway, an office complex at 19800 and 19900 MacArthur Blvd. in Irvine, has seen its share of leases lately.
According to Thomas A. Murphy, vice president of leasing and management for the Irvine office of Jones Lang LaSalle Americas Inc., Newport Gateway has picked up steam in the current quarter. Murphy represented Newport Gateway’s owner, Equitable Life Assurance Society of the United States, in some recent leases.
While the deals are small, Murphy said he is encouraged by the activity.
“While it’s too early to predict an office turnaround, we are starting to see signs of optimism and a stabilization of office rents,” he said.
In one deal, Corbin LLP, a consulting offshoot of Irvine accountant Corbin & Wertz, leased 5,381 square feet for five years in a deal valued at $800,000.
Randy Parker and Steve Card of Travers Realty Corp. represented Corbin.
In a separate deal, Institutional Housing Partners leased a floor, according to Murphy, taking 21,885 square feet for five years in a deal valued at $3.3 million. Bill Larkin at The Staubach Co. represented IHP.
Then there were some renewals: Boyd & Chang LLP renewed a lease for 3,252 square feet, while Sybase Inc. kept its 5,077 square feet. Breon Shaeffer & Bryant (2,427 square feet) and Michael Haghighat (1,948 square feet) also re-upped.
Newport Gateway consists of two black granite 14-story buildings with more than 570,000 square feet of space. The buildings are at MacArthur and Jamboree.
RESIDENTIAL
Laguna Woods-based Pinnacle Communities is set to break ground on several housing developments this summer.
The Manors at Woodridge in Thousand Oaks is set to offer 3,490-square-foot to 5,496-square-foot homes starting in the $700,000s.
Bridlewood Estates in Chino is set to feature an equestrian-style neighborhood with ranch homes at 3,193 to 4,372 square feet. Prices are pegged to start in in the mid-$400,000s.
Also on tap is the Oceanside community of Canyon Crest with prices starting in the high $200,000s for the 2,660-square-foot homes.
Projects in Oxnard and Valencia are set begin in the $300,000s and $400,000s respectively.
