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Anaheim Expecting Tax Boon From Platinum Triangle

You can count at least 22 million reasons why Anaheim officials are excited that Platinum Triangle redevelopment is moving forward.

The land next to Angel Stadium previously was an industrial center, bringing in about $450,000 of tax revenue annually, said Richard Knowland, senior vice president of Lennar Corp.

Land in the Platinum Triangle is being converted mainly to condominiums, townhomes and shops.

Once complete, Lennar’s portion of Platinum Triangle will bring the city closer to $22 million in tax revenue a year, Knowland said.

The Aliso Viejo office of Miami-based Lennar is handling the largest chunk of Platinum Triangle at its A-Town project.

Lennar had its official groundbreaking ceremony at A-Town earlier this month. The 54-acre development should total about 3,813 homes, including 14 high-rise towers, along with about 200,000 square feet of retail space.

Discussions are under way to bring in a Whole Foods-type grocery to Lennar’s development, according to officials.

In total, a dozen developers are bringing close to 7,500 homes to the area.

Having grocers and other stores alongside entertainment and mass transit should create a new urban lifestyle that minimizes car use,a novel idea for Southern California, said Emile Haddad, chief investment officer for Lennar.

Orange County is ready for this type of living, Haddad said.

For Anaheim mayor Curt Pringle, the construction under way in Anaheim resembles the computer game “The Sims,” where players build their own cities.

But reality in the city has trumped simulation,the game he played growing up didn’t allow industrial properties to stand alongside residential towers, shops and sporting arenas, he said.

The fact is that some industrial space remains alongside all the new condos and retail space is welcomed by the city, too, Pringle said.

“It’s a good sign that industrial remains, that you don’t have to knock down everything,” Pringle said. “This is a true example of mixed use.”


More Apartment Buys

Irvine-based investment and management company Real Estate Partners Inc. paid $50 million to buy a 250-unit apartment community in Woodland Hills from Gateway Arbors LLC.

The Arbors at Warner Center Apartment Community includes 12 buildings on about 7 acres.

The property was built in 1978, with ongoing renovations since 1996. Real Estate Partners plans to spend $3 million on more renovations. Units run from 457 to 1,125 square feet.

Real Estate Partners now owns and manages more than 5,700 apartments in the U.S. The company counts close to $500 million in real estate holdings.

The company recently said it would spend about $35 million to renovate 2,500 of the apartments it owns in Texas, Louisiana and Arizona. Upgrades at those units should be finished by the end of 2007.

Sean Deasy, Spencer Scott and Scott Davies of CB Richard Ellis Group Inc. represented the buyer and seller in the Woodland Hills buy. Financing for the acquisition was through Capmark Finance Inc.

Igor Olenicoff has made his second,and by far largest,office buy. And he’s gone outside OC to make the deal.

Olenicoff’s company, Newport Beach-based Olen Properties Corp., just entered into a deal to buy Chicago’s One South Dearborn tower. The price is a reported $362 million.

The roughly $430 per square foot price is among the highest for a Chicago tower.

The 850,000-square-foot, 40-story tower just opened last year in the heart of Chicago’s business district. It was built by Houston-based Hines Interests LP and Chicago-based developer Lawrence Levy. Hines, incidentally, is under way with construction on a tower at 2211 Michelson Drive in Irvine.

Olen’s Chicago tower is 90% leased, and should be fully occupied by year’s end, according to Natalia Olenicoff, director of asset management for Olen Properties.

The skyscraper includes a 4,500-square-foot gym, 18,000-square-foot plaza, and,like any self-respecting Chicago building,a steakhouse.

Olen’s previous office buy was in Irvine. It paid about $135 million in early 2005 for two 13-story office buildings at Century Centre towers on Main Street.


Wal-Mart Shadowing

Newport Beach-based Cohen Financial LP said last week that it inked an $89 million loan for Irvine-based SilverCreek Properties.

SilverCreek, which develops, owns and manages commercial real estate, plans to use the money to fund its previously announced buy of 46 retail centers across 20 states in the Midwest.

SilverCreek said in March that it had bought a portfolio of retail centers that shadow Wal-Mart locations. The sites, previously owned by the Klein Group of Coldwater, Mich., total more than 762,000 square feet.

The total cost of the deal initially was reported to be $96 million. Cohen Financial lined up an $89 million, five-year fixed rate interest only loan for the deal, through RBS Greenwich Capital’s Real Estate Finance Group of Los Angeles.

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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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