Intense Lighting LLC, an Anaheim-based maker of interior and exterior lighting products, is expanding big in its hometown.
The company, founded in 2001, recently signed a seven-year lease for a new manufacturing, distribution and headquarters building at 3340 E. La Palma Ave.
Intense Lighting will occupy the entire building, which is roughly 154,000 square feet and near the Riverside (91) Freeway.
The deal was one of the larger industrial leases signed in Orange County over the past quarter.
The company has occupied about 60,000 square feet at two other nearby locations. The company will consolidate those operations into the new location, which is owned by Irvine-based LBA Realty.
LBA bought the building in late 2012 as part of a reported $144 million purchase of more than 30 industrial properties in OC from Los Angeles-based Kilroy Realty Corp.
The landlord was represented in the lease by Jones Lang LaSalle’s Zach Niles, Louis Tomaselli and Steve Wagner. Intense Lighting was represented by Chris Coyte of Lee & Associates – Newport Beach.
The deal continues a trend of larger-sized manufacturers, who are attracted to the region’s labor pool, infrastructure and proximity to housing and other amenities, snapping up local industrial space, according to Niles.
“More than 60% of the lease deals greater than 100,000 square feet throughout Orange County in 2013 were for manufacturing and nonwarehouse/distribution uses,” he said.
AV Center Venture
The Commons at Aliso Viejo Town Center, a 181,160-square-foot shopping center near the intersection of Aliso Creek Road and the San Joaquin Hills (73) toll road, has had a change in ownership structure.
The property, valued at about $50 million, is now owned by a venture between New York-based American Realty Capital Inc. and ValueRock Realty Partners Inc. of Irvine.
It was marketed for outright sale last year by an affiliate of Capital Lease Funding Inc., a New York-based investor that paid $52.9 million for the center in 2005.
The sale was never completed, however, and last November, Capital Lease Funding and its national portfolio of properties was acquired by American Realty Capital in a $2.2 billion deal.
After that acquisition, American Realty Capital brought in ValueRock Realty as a partner in the shopping center; financial terms of ValueRock’s investment were not disclosed.
Irvine-based Faris Lee Investments, which had the listing for the center when it was up for sale, helped arrange the new partnership.
ValueRock is now taking the lead on operations and lease negotiations at the center and will consider future strategies to reposition the asset in order to maximize value through tenancy, according to the companies.
Tenants at the Commons, which was built in 2004, include Lowe’s, Michaels and Tuesday Morning. It’s fully leased.
Dental Hub
Vident, a maker of dental products, is moving its headquarters from Brea to Yorba Linda.
The company recently signed a nearly 29,000-square-foot lease at 22705 Savi Ranch Parkway, one of four buildings at the Savi Ranch Center office complex just off the 91 Freeway in Yorba Linda.
Vident had been leasing about 45,000 square feet in Brea, where it’s been since 1995. The company employs about 70 people.
Jones Lang LaSalle’s Louis Tomaselli brokered the deal for Vident.
It is the first big new lease signed at Savi Tech Center since the 372,000-square-foot campus—the largest office complex in town—sold late last year to a venture between Hines Interests LP and Oaktree Capital Management LP.
Another dental product maker, Nobel Biocare USA Inc., occupies two other buildings at Savi Ranch Center that combine for 122,000 square feet.
