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Ricoh Signs for Nearly Double the Space at Steelcase Site

The former Steelcase Inc. campus in Tustin continues to be a hotspot for manufacturers, both large and small.

Ricoh Electronics Inc. just signed a three-year lease for 500,625 square feet at the sprawling ex-Steelcase campus. The lease, for 1123 Warner Ave., is one of the largest deals of any property type to be completed in Orange County during the past few years.

The 40-month deal is valued at about $10 million.

Ricoh, a unit of Japan’s Ricoh Co., makes copiers and fax machines. The lease represents a sizable expansion for the company at the site.

Ricoh first moved to the campus in 2003, but only took up about 236,668 square feet at the time. The company consolidated two assembly plants at the Tustin campus when it first moved there. It now takes up about 1.3 million square feet in OC.

Ricoh effectively has grabbed all the large-user space available at the Steelcase site. Voit Development Co., a unit of Woodland Hills-based Voit Cos., bought the campus from Steelcase in 2003, and spent the past three years turning half of the one-million square foot campus into small industrial and office buildings.

Those condo units, part of the 15-acre Tustin Gateway Business Park, all have been sold.

Voit sold the other half of the campus, consisting of larger warehouse facilities, to Fresno-based Bedrosians Tile & Stone, Ricoh’s current landlord.

The Tustin property appears to be providing strong initial returns for tile mogul Larry Bedrosian. He owns close to 3 million square feet of industrial space, much of it here in OC, as well as in Corona, Sylmar and Las Vegas.

Bedrosian paid a reported $27 million for his share of the Steelcase property.

The original plan was for Bedrosians, which sells tiles and stone slabs for kitchens and bathrooms, to consolidate much of its Anaheim and Corona operations at the Steelcase site, while leasing out the remaining space.

But a change in plans occurred last year, when a 375,000-square-foot warehouse facility in Anaheim, near the city’s “Tile Mile,” became available.

Bedrosian bought that site on Winston Road for $24 million, and has begun moving operations from Tustin.

Jeff Chiate and Rick Ellison from Cushman & Wakefield Inc.’s Irvine office represented Bedrosian in the Ricoh deal, as well as in the Winston Road transaction.

Dave Desper from CB Richard Ellis Group Inc.’s Anaheim office represented Ricoh.


New Hire For Henry

The Offices of South Coast Plaza has a new marketing director.

Andrew Stinson recently joined the office unit of C.J. Segerstrom & Sons LLC, which counts four high-profile Costa Mesa office towers in its portfolio. The buildings total more than 1 million square feet.

He will oversee leasing and marketing for the company, whose properties are about 95% leased. The company’s holdings include Costa Mesa’s Park Tower, Plaza Tower, Center Tower and the California Bank & Trust Building.

Stinson is a native of Atlanta, a former Army Combat Engineer officer and a recent graduate of Harvard Business School.

He takes over for John Barganski, who left earlier this year to take over the Southern California leasing operations of Chicago-based Trizec Properties Inc.

D.R. Horton Inc., the country’s largest homebuilder, is seeing strong demand for urban housing in OC.

The Fort Worth, Texas-based company recently kicked off a sales center for Chapman Commons, a 220-home development in Garden Grove.

The site is near the intersection of Chapman Avenue and Harbor Boulevard. It’s the first mid-rise condominium project in the city in more than four decades, according to Ken Kellermann, vice president of sales and marketing for D.R. Horton’s OC division.

Units at the first phase of the Chapman Commons are 90% sold, according to the company.

Homes will run as big as 1,490 square feet. Prices start in the low $400,000s. Construction for the project began late last year, with move-ins expected by late next summer.

D.R. Horton sees strong demand for similar urban redevelopment projects in Santa Ana and Anaheim, among other places, Kellermann said.

The company also is planning a similar, 250-unit mid-rise condominium development in Anaheim’s Platinum Triangle, at 2100 E. Katella Ave.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
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