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Housing Lot Sales Brisk on OC’s Eastern Border

Housing Lot Sales Brisk on OC’s Eastern Border

Birtcher Grabs Lake Mission Viejo Complex; Olson Doing Brea Day Spa

REAL ESTATE by Daniel D. Williams

I’ve written plenty lately about how the scarcity of land in Orange County makes it tough to bring enough houses to market.

Well, it’s another week, and it’s more of the same story. Builders are looking outside OC for land to build on, and they’re finding it in big chunks in the Inland Empire.

The trend is keeping land brokers such as Irvine-based Whittlesey Doyle Inc. busy. Since the first of the year, Whittlesey Doyle handled the sale of more than 1,500 Inland Empire lots worth more than $75 million.

At Providence Ranch, a master,planned community in Corona, William Lyon Homes Inc. and Capital Pacific Holdings Inc., both of Newport Beach, were among the builders buying land in the first and second phases of the 1,300-home development.

At Crowne Hill, a master,planned community in Temecula, the Anaheim office of developer Communi-ties Southwest sold the second phase of the project for $20 million. Temecula-based Pacific Century Homes grabbed the 802 lots, which are next to a vineyard.

“The demand for lots in this market far exceeds the supply,” said Tom Doyle a principle of Whittlesey Doyle. “This project is one of very few with approved maps in the city of Temecula.”

Pacific Century Homes is expected to sell lots within the second phase.

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Laguna Niguel-based Birtcher Properties and financial partner South Charles Investment Corp. have paid $14.7 million for Market on the Lake in Mission Viejo, a retail and office complex on Lake Mission Viejo.

The complex, bought from the James Campbell Estate, counts Washington Mutual Inc., Tortilla Flats Restaurant, Century 21 Beachside, Tarbell Realtors and Coldwell Banker Residential as tenants. It’s about 80% full.

The center counts 98,171 square feet of rentable space in nine, one- and two-story wood frame and stucco buildings. Market on the Lake is on 10.6 acres of land overlooking the city’s 124.6-acre, man-made lake.

Upgrades to the center were done from 1999 to last year, according to Bob Anderson, president of Birtcher Real Estate Group. Birtcher plans to “couple that with aggressive leasing and attentive management to add significant value to the project.”

Dixie Walker and Mike Randall of Grubb & Ellis Co. represented the buyers and seller in the deal. Birtcher Property Services, another Birtcher arm, has been retained to manage and lease space at Market on the Lake.

Olson Day Spa Retreat

The Brea Mall is getting a makeover.

The former United Artists theaters at the mall are giving way to a 14,000-square-foot Glen Ivy Day Spa. Irvine-based R.D. Olson Construction is set to redo the space, replacing the theaters with 21 treatment rooms, including 14 massage areas, five facial suites, men’s and women’s locker rooms, two Roman baths, two steam rooms, and eight manicure and pedicure stations.

Irvine-based T. S. Voelker Architecture is set to design the space. The project is valued at $1.5 million.

“Malls and hotels have found a new way to cater to its guests, which marks the beginning of a trend,” said Dennis Reyling, president of R.D. Olson, a builder of hotels, shopping centers and offices.

The Glen Ivy Day Spa is an offshoot of Glen Ivy Hot Springs Spa in Corona. The Glen Ivy Day Spa in Brea is set to include a Spa Lifestyle Store.

Bits and Pieces:

Tustin-based Coreland Carlson and its Kensington Real Estate Group unit have consolidated and will be known as Coreland Cos. Nancy M. Harlan, senior vice president and general counsel at Newport Beach-based William Lyon Homes has retired and plans to pursue her art hobby The Newport Beach office of Grubb & Ellis named Kurt F. Strasmann executive vice president and managing director of its Orange County operation. According to Bob Osbrink, executive vice president and Southwest regional managing director, Strasman will play a key role in Grubb & Ellis making the move from “a traditional brokerage and property management company to a full-service business advisory firm” According to a report by Cushman & Wakefield Inc., look for the industrial market to make the first strides toward recovery: “As the economy recovers from recession, industrial markets are likely to recover first. Healthcare, pharmaceutical, education and defense continue to grow despite the downturn,” said Maria T. Sicola, senior managing director of research In the recent Top Deals supplement, I failed to mention that Faris Lee Investments closed one of the largest retail deals of 2001. The Irvine-based company, represented the buyer, Pacific Castle Synergy LLC and the seller, Portola Plaza Ltd., in the $17.6 million sale of Portola Plaza in Mission Viejo.

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