Buchanan Street Sees $1B in Deals This Year; Western Pacific Buys Brea Lots
COMMERCIAL
Newport Beach-based Olen Properties Corp. added to its Orange County portfolio with the $19 million purchase of the Kilroy Technology Center, a business park within the Irvine Spectrum.
Olen Properties acquired the park from El Segundo-based Kilroy Realty Corp.
The park, at 184-220 Technology Drive, includes two multi-tenant office buildings and eight multi-tenant industrial and research and development buildings.
The business park spans 157,499 square feet and is 80% leased.
Modem maker Infinilink Corp., Frazier Financial Services and Cyber Mall.Net Inc., a seller of adult videos and other products, are among the tenants at the business park.
“Kilroy Technology Center is an ideal investment,” said Mike Bouma of Voit Commercial Brokerage’s Anaheim Metro office, citing “the potential of both rent and occupancy increases.”
Olen Properties has an asset base of more than $1.5 billion in OC and owns more than 4 million square feet of office and industrial property locally.
Major OC holdings include Olen Pointe, Spectrum Pointe and Amanecer Business Park.
In addition to its commercial holdings, Olen is a player nationally in the residential market.
The company’s apartment portfolio includes roughly 10,000 units in 33 residential communities, primarily in South Florida and Las Vegas.
Bouma and Robert Mitchell of Voit’s Anaheim Metro office and Alan Pekarcik and Tim Walker of Voit’s Irvine Metro office represented both parties in the deal.
Buchanan Partners’ Fundings
Despite a weakened economy, Newport Beach-based Buchanan Street Partners has been rolling along.
The real estate investment bank said it completed $240 million in financing through its advisory services group during the third quarter.
These latest closings bring Buchanan’s financings to $622 million for the year.
“Our company pipeline continues to expand and we are on pace to close $1 billion by year-end,” said Robert Brunswick, president of Buchanan Street Partners.
Among the recent transactions:
++A $42 million permanent loan for the refinancing of the 348-room full-service Sheraton Palo Alto.
++A $40 million financing of a 922-apartment portfolio across eight complexes in the San Francisco Bay area and Sacramento.
++A $13.2 million floating rate acquisition financing of the 126,000-square-foot Warner Atriums office building in Woodland Hills.
++A $7.1 million floating rate acquisition financing of the Milliken Business Center, a 157,000-square-foot industrial business center in Ontario.
Separately, Buchanan Street completed a deal with the California Public Employees’ Retirement System to form Buchanan Urban Investors LLC, a $65 million discretionary fund that plans to invest in the development and rehabilitation of urban infill areas throughout California.
RESIDENTIAL
El Segundo-based Western Pacific Housing has paid $20 million for 85 lots in Brea.
Western Pacific Housing acquired the lots from Shea Homes Southern California of Brea.
The lots are 6,000-square-feet minimum and are in the 662-lot Olinda Ranch area.
The Olinda Ranch lots have taken a roundabout journey to Western Pacific Housing, with land brokerage firm O’Donnell/Atkins Co. of Costa Mesa playing a major role in moving the parcels. Craig Atkins and Mike Hunter of O’Donnell/Atkins have represented both the buyer and the seller in the sale of the site on three separate occasions.
Atkins and Hunter originally brokered the sale of the land to Anaheim-based SunCal Cos. by Santa Fe Resources in Houston. They later handled the sale to Shea Homes.
Besides the Brea project, the O’Donnell Atkins Co. has projects in escrow locally in Fullerton, San Juan Capistrano, Orange, and Yorba Linda.
