More on Busy Burke; Jolliff Brokers Two OC Deals
COMMERCIAL
You might have read elsewhere that Sares-Regis Group has purchased the remaining four buildings totaling 841,000 square feet in Koll Development’s Plantation industrial park in the city of Industry in a deal valued at $47 million.
The significance of the deal is that Koll’s 10-building park is all committed, according to Larry Lukanish, assistant vice president of commercial investments for Sares-Regis.
“We like that market and we didn’t own any property there,” he said. “Two buildings are done and ready to occupy. We’ll probably get delivery of the other two buildings in January or February.”
Sares-Regis struck the deal several months ago, said Lukanish.
“We’ve had activity on all four buildings already,” he said. “We don’t have any signed deals, but we think we’re pretty close.”
Tom Taylor and Steve Bellitti of the Seeley Co. helped broker the deal for Irvine-based Sares-Regis. They will be handling leasing activity at the company’s new holdings.
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Last week, you probably also read about Burke Real Estate Group and its move to expand both its development as well as its investment acquisition activities.
The article highlighted many of the deals taking place, but not all. So below is a recap of other Burke moves:
n Acquisition and renovation in Garden Grove of A Better Way Industrial Center on A Better Way. The $6 million deal will involve eight buildings totaling 90,000 square feet.
n In Cerritos, acquisition and renovation of a 60,000-square-foot multi-tenant industrial park for $3.3 million.
n Acquisition of land and development of Burke Pomona Business Center in LA County. The $12.7 million center will include 10 industrial buildings totaling 186,000 square feet.
n At Desman Road and Knott Avenue in La Mirada, developing a 54,400-square-foot industrial building. The project is valued at $4 million.
n Also in La Mirada, a $9 million development of Valley View Farms. The five industrial buildings will total 135,196 square feet.
RESIDENTIAL
The Richard Vattaglia Trust of Newport Beach has purchased the Village Apartments at Heritage Place at 475 E. Center St. in Anaheim for $25.5 million.
The 285-unit complex includes about 6,000 square feet of retail space. It was built in 1992.
“Richard Vattaglia bought it for investment purposes,” said Pete Jolliff, owner of Jolliff Financial Corp. of Long Beach, who brokered the deal.
Shinwa Development Corp. of Japan and Legacy Partners were the sellers of the property, he added.
“It’s in pretty good shape,” said Jolliff. “They’re not going to have to put a lot of renovation work into the apartments.”
Jolliff also helped broker another deal for two local parties.
Acacia Construction Inc. of Anaheim Hills has sold 17 acres in Murrieta with an approved site plan to develop about 285 apartment units.
Murrieta 301 West LLC, which is based in Las Vegas but has offices in Santa Ana, was the buyer in the $3.6 million deal.
“Now they have to get their building plans approved,” said Jolliff.
To clarify a Dec. 6 story on Richmond American Homes of California, here is a quick note: The homebuilder is not competing against a new and separate division, Southern California Seasons.
The new entity will be building in the Inland Empire. Seasons management expects to deliver 300 to 400 new houses to the area in 2001, which would be about what Richmond American is presently doing in Orange County.
