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Tishman Looking to Unload Newly-Bought Del Taco HQ

The Lake Forest office complex that houses the headquarters of fast-food chain Del Taco Inc., among other notable businesses, is up for sale again.

Palm Terrace, a three-building, 155,795-square-foot property at the corner of Commercentre Drive and Bake Parkway, is being marketed by Cushman and Wakefield Inc.’s Southern California capital markets group.

The 9.8-acre property was built in 2000 by Birtcher Anderson Development. It is currently owned by Tishman Speyer Properties LP of New York. Tishman paid a reported $39.5 million for the complex last year.

Tenants at the office complex include Del Taco, the fourth-largest OC-based restaurant chain in 2005 with $335 million in revenue.

In addition to Del Taco, the two-story office property also houses the headquarters for Sparta Inc., which develops computer systems, electronics and other products for the military. Also calling the complex home: Comarco Wireless Technologies Inc., No. 81 on the Business Journal’s list of largest public companies this year. Comarco employs 142 people locally. It posted revenue of $49.1 million last year.

Palm Terrace is being offered on an all-cash basis, without an asking price, according to Cushman officials. Cushman’s capital markets group sells properties for pension funds, real estate investment trusts and large, privately held asset managers.

The Lake Forest property isn’t the only local Tishman Speyer property quickly being put back on the market.

A year ago, Tishman Speyer paid about $365 per square foot or $134 million for the two Newport Beach office towers that are home to chipmakers Conexant Systems Inc. and spinoff Mindspeed Technologies Inc. It was the third largest Orange County office deal in 2006.

Those two buildings, at 4000 MacArthur Blvd., are being listed again. The owner hopes to get close to $155 million for the properties, according to Kevin Shannon, vice chairman for the Torrance office of CB Richard Ellis Group Inc., which is marketing the buildings.

Tishman Speyer still is looking to buy in the area, Shannon said. The company is in the process of liquidating an older fund that includes both OC properties, and should be buying soon with a new investment fund.


DBN Does Dana

DBN Development LLC of Laguna Hills is looking to add a little spice to Dana Point.

The company bought a property at the northern end of a 1-mile stretch of land along Pacific Coast Highway that the city is envisioning as a mixed-use area, called Dana Point Town Center.

The land is on Pacific Coast Highway and Del Prado. The space currently is used by the Dana Point Marina Motel. DBN plans to redevelop the site to include 22 homes, more than 12,000 square feet of shops and a third-floor patio restaurant and bar space.

The project still must undergo review and receive approval from both the city and the California Coastal Commission. DBN hopes to begin construction of the project in early 2008, with a 12- to 18-month construction timeline.

This is DBN’s second recent attempt to add some zest to an otherwise sleepy South County location. In October, it announced plans to build restaurants, shops and homes at the end of Avenida Pico in San Clemente, at the city’s historic “casino building” near the ocean.

It’s still very much a buyers market, according to the latest data from the Aliso Viejo-based office of Re-Max Real Estate Services.

The number of OC homes currently on the market for sale stands at about 14,800. That’s an increase of more than 1,400 homes in the past month, and is on par with the number of homes on the market in late 2006. Expect to see the number rise to more than 20,000 homes by August.

“The inventory is climbing at such a fast pace because many homeowners are attempting to take advantage of the spring market, yet demand has dropped to a much slower pace than last year,” Re-Max President Steven Thomas’ report said.

Condominiums in particular are showing slower sales this year, which could be attributed to lenders tightening their requirements, he said.


Clarification

A clarification for an April 23 story I wrote on residential projects proposed for the Anaheim Resort area.

In the story, I referenced the early plans for a combination hotel and condo project proposed by Newport Beach-based Renaissance Pacific Properties LLC, located along South Harbor Boulevard.

The story cited initial plans for the project submitted by the developer to the city in late March,it turns out those plans are different than what was first on the company’s drawing board.

The project now calls for a 96-room hotel along Harbor Boulevard, and 191 condominium units, including live-work buildings, to the east of the hotel, according to Renaissance Pacific principal Michael Capaldi.

The condos are planned for three to five stories, and not part of the hotel structure as first proposed.

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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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