RESIDENTIAL
The executives who headed up construction of one of Irvine’s first high-rise condominium projects now are taking the lead on a pair of Lido Village commercial buildings readying for a big redevelopment.
Irvine-based Marshall Property & Development LLC is working on redeveloping two older Newport Beach buildings that total about 50,000 square feet. The plan is to turn them into a mix of high-priced penthouses, townhomes, offices and shops.
The project will be one of the largest that Lido Island’s seen in years.
Bayfront Holdings LP, an Irvine-based investor that’s working with Marshall, earlier this year bought the buildings, at 3388 Via Lido and 3355 Via Lido on Lido Peninsula, from New York-based Vornado Realty Trust.
The buildings sold for $13.6 million, according to brokers with the Irvine office of Holliday Fenoglio Fowler LP. The buildings are in the Lido Marina Village area and were being offered for $15.5 million earlier this year.
The five-story, 21,000-square-foot office building at 3388 Via Lido will be the first of the two buildings to get renovated, said Marshall Property principal Matt Montgomery. Construction is expected to begin in the first quarter of next year and should last about a year. An existing office tenant will be moving out soon.
The waterfront building essentially is being rebuilt and improved, Montgomery said.
The top floors will include a pair of two-story penthouse homes—each more than 5,000 square feet—with views of Catalina Island and Newport Harbor.
The bottom floors are set to have offices. The property also is set to feature 110 feet of docks and boat slips. Santa Barbara’s Shubin + Donaldson is the lead architect for the project.
Prices for the penthouses haven’t been disclosed, said Montgomery, who along with President Paul Marshall once headed up local operations of developer Opus West Corp.
Opus built a trio of high-rise Irvine condos a few years ago at the corner of Jamboree Road and Campus Drive, near the city’s boundary with Newport Beach.
Marshall and Montgomery started their venture last year, as Phoenix-based Opus West fell into bankruptcy.
This is their first development project—the company’s looking at a number of other local office, retail and apartment deals, Montgomery said.
The high-end 3388 Via Lido homes will have many of the same features of the penthouses at the Opus towers, Montgomery said.
The second building the developer’s working on, at 3355 Via Lido, involves turning aging retail and office buildings into a townhouse project with 17 homes.
The developers still are working on getting the project’s entitlements completed with the city, and an exact timeframe for construction at the three-story building hasn’t been announced.
COMMERCIAL
Newport Beach-based Voit Real Estate Services said it has opened its 10th brokerage office, the company’s first in the Inland Empire.
The newest Voit office is in Rancho Cucamonga. It’s being started with a brokerage team that includes Frank Geraci, Walt Chenoweth, Patrick Wood, Juan Gutierrez and Aditi McCann. All five came to Voit from CB Richard Ellis Group Inc.
The team has combined on more than 110 million square feet of commercial deals and 8,000 acres of land sales in their careers. Those deals totaled more than $3.6 billion.
Anaheim Exec Office
Irvine’s Premier Business Centers, one of the largest operators of executive office suites in the country, has snapped up space in one of Anaheim’s newest offices as the most recent addition to its portfolio.
The company is leasing 25,000 square feet of space at Anaheim Hills Office Plaza, a three-story, 62,500-square-foot office completed in 2008 that is one of the largest office buildings to go up in Anaheim in the past five years.
Premier Business Centers was started by the founders of Irvine apartment investor Bascom Group LLC. It offers smaller businesses staffed office space and a variety of shared services, including office administration, furniture, conference rooms and high-speed Internet access. Its total portfolio is more than 1 million square feet.
Spaces at the Anaheim Hills Office Plaza—Premier Business Centers’ 20th Orange County location—start as small as 143 square feet.
Silver Oak Development LLC, an Anaheim Hills-based developer, built the office. Brokers working on the deal said the lease was made through the project’s lender, Wells Fargo & Co.
Chris Migliori and Kara Guarienti, brokers with Daum Commercial Real Estate Services, represented both parties in the lease.
