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Wednesday, Jun 12, 2024

Volt Eyes Sale of 12-Acre Office Campus in Orange

Volt Information Sciences Inc., a New York-based provider of staffing services, has put its Orange office campus on the market.

The publically traded company, which has a market value of about $190 million, recently listed its Volt Corporate Park, a four-building campus on Glassell Street.

Brokers with the Irvine office of Cushman & Wakefield Inc. have the listing for the property, which has about 191,000 square feet of office space.

The 12-acre Volt Corporate Park is about a mile west of the Costa Mesa (55) Freeway at 2401 Glassell St.

An asking price hasn’t been disclosed. The campus has a replacement cost in excess of $300 per square foot, or roughly $57 million, according to marketing materials from Cushman & Wakefield.

Volt, whose West Coast corporate administrative offices are based at the Orange campus, plans to remain in the building following the sale.

It’s targeting a 10-year leaseback deal for the site with 3% annual rent increases, according to marketing materials for the building.

The property had $8.1 million in debt tied to it as of late last year, according to Volt’s latest annual report.

Volt’s Orange County office is the area’s third largest employment agency, with an estimated $59 million in annual revenues here.

Volt’s Orange offices are the company’s largest location in the country by square footage.

Cushman & Wakefield’s Jeff Cole, Ed Hernandez, Michael Kane, Chon Kantikovit and Shawn Lawrence have the property’s listing.

City Ventures’ LB Project

Irvine-based homebuilder City Ventures is making a push into downtown Long Beach.

The privately held builder, which specializes in infill residential developments in California’s coastal areas, recently received approval from Long Beach’s planning commission to build a 40-unit condominium complex a few blocks from the ocean.

The three-lot site near the intersection of Elm Avenue and Broadway holds a parking lot that will make way for the three-story housing project, according to local reports.

City Ventures said the project will include eco-friendly features and cater to people in their 20s and 30s. A time frame for the project hasn’t been disclosed.

Toll Bros. Buys Site

Toll Brothers has taken over ownership of a 30-acre development site in Lake Forest not far from its Baker Ranch housing development that’s under construction.

The Horsham, Pa.-based builder recently closed on the purchase of the site at 28201 Rancho Parkway, according to a recent announcement by the Irvine office of land brokerage Province West.

Terms of the sale were not disclosed. A Laguna Hills entity operating under the Baker Ranch Properties LLC name sold the land, which recently received entitlements that allows 250 homes to be built there.

The land, which is at the northwest corner of the intersection of Rancho and Portola parkways, was previously used as a sand and gravel mining facility.

The proposed development site is known as Parkside at Baker Ranch. It’s roughly two miles east of the main Baker Ranch development on Alton Parkway, where Toll Brothers and Walnut-based Shea Homes are leading a development of more than 2,000 homes and apartments.

Province West’s Daniel McDonough, Marc Kleiman and Rett Coluccio brokered the land sale, according to its announcement on the closing of the deal.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.

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