COMMERCIAL
It’s a go.
Laguna Niguel-based Birtcher Development and Investment Co. last month received approval from Costa Mesa’s City Council to develop a 295,000-square-foot shopping center geared to home furnishings.
The company plans showrooms, stores and eateries in nine buildings at 3333 Hyland Road.
Brandon “Brandy” Birtcher, chief executive, said there would be gathering places for people to discuss their plans before making a big buy.
He said he’s buying a great spot off the San Diego (I-405) Freeway near Ikea from Bloomington, Ill.-based State Farm Insurance Cos., which used to have a regional office and automobile claim center at the site.
The total project cost: $90 million. South Coast Home Furnishings Centre, as the project is dubbed, is expected to be done by fall 2006.
I first wrote about the project about a year ago.
Birtcher hasn’t named any tenants yet. It has 30 spaces available for lease.
Jim Snyder, Ken Gould, Andy Walburger, and Mike Abel of Lee & Associates Commercial Real Estate Services Inc. are marketing the center.
Brandy Birtcher is set to move his operation to Irvine in August. His uncle Arthur Birtcher and Bob Anderson plan to keep Birtcher Anderson Realty LLC in Laguna Niguel.
The Birtchers are one of Orange County’s oldest real estate families. Brandy took over the development arm from his father. He also does investments.
Office Buy
Foster City-based Legacy Partners last month paid $46 million to Adler Realty Investments Inc. for three office buildings in Irvine.
Alder said it bought the buildings two years ago for $27 million. They are at 1733 and 1833 Alton Parkway and 18551 Von Karman Blvd. in Irvine.
When Alder bought the Alton buildings they were 38% leased.
In 2003, it signed Encore Credit Corp. to a 128,000-square-foot lease at 1833 Alton. That deal was the No. 3 office lease in 2003, according to the Business Journal’s annual rankings using data from CoStar Group Inc.
Indeed, mortgage-related companies have accounted for some of the largest office leases of the past few years.
Mike Meisenbach and Brian Garbutt of Lee & Associates in Newport Beach brokered the sale.
Adler is an investor and developer that owns or manages $200 million worth of buildings and land in California, Arizona and Texas. It has 1.6 million square feet of offices, industrial buildings and apartments.
Condo Conversion
Voit Development Co. recently paid $13.5 million for two office buildings totaling 74,125 square feet in Aliso Viejo.
The price works out to $182 per square foot.
The property at 6 Liberty includes a 45,234-square-foot building and a 28,891-square-foot building.
Voit Development plans to convert the buildings into office condos ranging in size from 1,800 to 20,000 square feet. They should be done early next year.
Chris Deason and Dave Alderman of Voit Commercial Brokerage LP represented the buyer and seller, Boureston Development Inc.
Studley Hire
Jeff Cannon has joined Studley’s Irvine office.
He’s set to represent companies leasing space in industrial buildings as well as buildings that mix offices with industrial space, according to Royce Sharf, executive vice president.
Sharf said Studley’s OC operation has focused more on office leasing.
Cannon cofounded Zuvich Cannon Associates Inc., which now is called Zuvich Corporate Advisors Inc.
RESIDENTIAL
Home123 Corp., the new retail arm of Irvine-based subprime lender New Century Financial Corp., has signed a two-year deal with the National Association of Stock Car Auto Racing to become one of its official sponsors.
Nascar has about 75 million fans, of which more than 70% are homeowners, according to the mortgage company.
Carl Vernon, president of Home123, said Nascar’s long season, 10 months, is an advantage.
“That’s longer than any other major professional sport,” Vernon said.
Home123 is sponsoring drivers Jamie McMurray and Reed Sorenson.
Extreme Makeover
The makeover concept is getting popular here. Shea Homes, which is based in Walnut but is very active in OC, has done two episodes of ABC’s “Extreme Makeover,Home Edition.”
Last month 100 employees, family members, friends and vendors of Costa Mesa-based Arnel & Affiliates, which is owned by George Argyros, did an extreme makeover of New Spirit Baptist Church at 701 S. Sullivan St. in Santa Ana.
Santa Ana Mayor Miguel Pulido and others joined Reverend Leon Clark for the ribbon cutting.
Steve Mensinger, president of Arnel Management Co., coordinated the remodeling project.
Mensinger said the value of materials and services donated was more than $50,000.
The remodeling included renovations inside and outside the 30-year-old church.
