Santa Ana’s Triple Net Properties LLC has added one of the top brokers in Orange County,and the nation,to help manage the company’s feverish pace of real estate buying and selling.
The company hired Jeff Hanson as president and chief executive of its Triple Net Properties Realty Inc. unit. The division handles acquisitions and dispositions nationally for Triple Net, for both its real estate investment trust units and its tenant-in-common offerings.
Triple Net owns and manages close to 31 million square feet of space. Last year, it bought $1.6 billion in office buildings and other real estate, while selling about $700 million worth.
Hanson “will be in the trenches” working on the deals, said Louis Rogers, Triple Net Properties’ president.
“This will allow (chief executive) Tony (Thompson) and me to have more of a life,” Rogers said. “With all the real estate (being bought and sold), we needed more executive leadership.”
Hanson comes to Triple Net from the Newport Beach office of Grubb & Ellis Co.’s institutional investment group. There, he managed investment sale assignments throughout Southern California and the Western U.S. for private and institutional clients. He was the company’s No. 2 broker so far this year.
One of Hanson’s larger clients at Grubb & Ellis had been Triple Net. He worked on numerous deals across the country for the company in recent years.
“I’ve gotten used to (focusing on) OC, and then dropping into other markets,” he said. “This will be more of the same. The company has a lot happening.”
Earlier this month, Hanson helped Triple Net sell a two-building, 313,300-square-foot office campus near Austin, Texas, to Spear Street Capital of San Francisco.
Triple Net bought the buildings in late 2004 for $73.1 million. The offices are leased to Dell Inc. through 2010. Terms of the sale weren’t disclosed. The asking price had been set at $92 million, according to Grubb & Ellis.
Another Hager Buy
It’s safe to say Newport Beach-based Hager Pacific Properties is in the midst of a buying spree.
The company, one of California’s largest privately owned real estate investors, has bought close to $200 million worth of office, industrial and multifamily property in the past month,all of it outside the state.
That’s a big change from Hager’s old acquisition strategy, which focused squarely on under performing real estate in the region.
Rob Neal, executive vice president, said the company has been expanding its property search amid high prices here. Atlanta, Chicago, Dallas and the Philadelphia suburbs have been recent targets.
The most recent deal for the company is in Detroit. Hager just bought a five-building industrial portfolio, totaling 190,000 square feet, for about $10 million.
It’s the company’s second industrial deal in Detroit. The company is betting on a recovery in the auto industry.
The properties are near Ford Motor Co.’s headquarters, in the Fairlane Commerce Park. Ford and Penske Logistics occupy three of the five buildings. The other two are vacant and set for renovation. Detroit-based Sterling Group is set to manage the buildings.
Hager typically uses its own money for deals. The Detroit acquisition was done in a little more than two weeks.
Johnson Brokers Outlet Deal
Irvine-based Johnson Capital, a commercial real estate funding adviser, has brokered a $110.4 million shopping center deal.
Six outlet centers totaling 1.3 million square feet were involved in the transaction.
The portfolio includes outlet centers in California, Georgia, Missouri, Minnesota, Michigan and Nevada, which are set to be branded as Preferred Outlets.
The California mall is a 226,405-square-foot center in Tulare. It is 95% full.
The centers were bought by New York-based Prescott Capital Management from affiliates of Horizon Group Properties Inc. of Rosemont, Ill.
Prescott is a merchant banking company backed partly by the Gordon P. Getty Family Trusts.
Prescott had been in contract to buy the portfolio. The company hit a wall when it was unable to take on existing financing terms.
But Prescott moved forward on the acquisition with a restructured financing agreement, according to Daniel Lisser, managing director of Johnson Capital, which advised Prescott on the deal.
Irvine-based Rutter Development Corp. has started construction on a 145-home project in Costa Mesa, one of the first housing developments in the city’s downtown.
The project, called Pacifica, is near Newport Boulevard and 19th Street. It’s next to Triangle Square mall, which also is being considered for condominiums as part of a redevelopment.
Homes at Pacifica include two-story townhomes and one-story flats, starting in the $500,000s.
The development will be built in four stages. The first should be done by fall 2007. Presales are set to begin later this year.
Among other local projects, Rutter also is working on a 162-home development in Trabuco Canyon, which has faced environmental challenges.
