Youngquist Co. Goes to the Movies; Realty World Taps HouseHunt Inc
After reviewing economic indicators, hearing about early first-quarter results from analysts and listening to prognostications from real estate execs, it’s safe to say the commercial market is slowing. Most believe the downturn will continue through the second quarter and begin righting itself the second half of the year.
In the meantime, business continues, albeit at a slower pace than people have become accustomed to in the past three years. With “new” projects coming on line less frequently and land scarce in Orange County, redevelopment of older property may be the key to getting deals done.
DMK, a Tustin-based building company, has bought into the redevelopment philosophy. The company has begun the renovation of Commerce Plaza, a 12-acre office complex in Newport Beach owned by Mitsui Real Estate Sales U.S.A. The 18 office buildings cover the entire block of Birch Street between Dove and Quail streets, south of John Wayne Airport.
The construction contract is estimated at $2 million and the project includes covering the existing plywood skin of the buildings with a more modern, stucco skin and other site improvements.
“The objective of construction is to build a brand new exterior that will modernize the now 1970s vintage-looking buildings,” said Jay Eastman, DMK director of tenant improvements. “Once completed, the one- and two-story buildings will have up-to-date, monument-style signage and a completely new facade.”
The most challenging aspect of the project, Eastman said, will be renovating the buildings without disrupting the tenants.
Construction will begin later this spring and be completed within eight months.
COMMERCIAL
In another redevelopment deal, Costa Mesa-based BCS, formerly Birtcher Construction Services, teamed with Krikorian Premiere Theatres to develop a 12-screen megaplex in downtown Monrovia.
Using the development of multiplex theaters to jumpstart the redevelopment of older downtown areas has become something of a national trend, according to Andrew L. Youngquist, president of BCS.
The recently completed 60,640-square-foot, $10 million project adds to BCS’ urban multiplexes. The company also has worked on redevelopment projects in Concord, Modesto, Stockton and Vacaville and worked with movie chains including Edwards Theatres Circuit Inc., Century Theatres and Brenden Theatre Corp.
Costa Mesa-based Andrew L. Youngquist Construction Inc., the parent company of BCS, has a deep involvement with the movie theater industry. BCS provides theater construction and design, while Cinema Stadium Erectors, another ALY Construction unit, makes those roomy and comfy stadium seats for existing movie theaters.
Two Deals by Colliers Seeley
Colliers Seeley’s Anaheim office recently brokered two land sales totaling approximately $5.7 million and 300,000 square feet.
Santa Ana-based Burke Development sold a 55,336-square-foot industrial building in La Mirada to Meese Inc. of Saddlebrook, NJ. The plastic molding company paid $4 million for the facility, which sits on 2.6 acres.
Clyde Stauff of Colliers Seeley represented Burke while Ben Seybold and Ian Britton of CB Richard Ellis represented Meese.
In a second deal, Valspar Corp., a Fortune 500 company, sold 5.78 acres in Azusa to Costa Mesa-based NNC Properties for $1.7 million.
Colliers Seeley’s Keith Wilson and Mike McCrary represented both parties in that deal.
RESIDENTIAL
Huntington Beach-based HouseHunt Inc. has been tapped by Realty World America Inc. to provide its brokers and agents with a variety of Internet-based marketing and personal promotion tools.
“This agreement clearly illustrates the value of our products and services,” said Mike Bearden, chief executive of HouseHunt Inc., a company specializing in real estate technology tools.
Founded in 1995, HouseHunt Inc. runs several consumer-oriented Web sites including HouseHunt.com, eSearchHomes.com and HomeValueHunt.com.
“We are excited about this alliance and the benefits this affords our organization and the people we serve,” said Annie Garzon, vice president of operations at Realty World. “We formed this alliance to expand our services to the consumer, and to give a competitive edge in the real estate market to our Realty World brokers and agents.”
