COMMERCIAL
A Santa Ana high-rise has sold for $11.5 million following a renovation.
Mission Hills-based Asset Management Consultants Inc. sold the 12-story, 113,000-square-foot building at 2700 N. Main St., a property known for its time and temperature readings.
“This Orange County landmark is distinguished by the time and temperature sign topping the building, which is highly visible from the I-5 Freeway in Santa Ana. In order to upgrade and modernize this highly visible property, we renovated and upgraded the exterior, as well as the entire lobby,” said Russ Hardt, director of acquisitions for AMC.
Asset Management acquired the property, adjacent to MainPlace/Santa Ana mall, in 1999 for $9.2 million and sold it in August to the House of Sportsmen, a California corporation, after investing approximately $600,000 in renovations.
Formed in 1983, Asset Management has specialized in fixer-upper deals, and has been particularly busy in the past two years. Since 1999, the Mission Hills company with offices in San Bernardino and Orange counties has closed on more than $100 million in Southern California real estate acquisitions. The firm generally buys in the $2 million-to-$20 million range.
A multiple-tenant office building built in 1970, the 2700 N. Main St. property was 80% leased at the time of sale. Wells Fargo and Bankers Diversified Mortgage are two of the building’s major tenants.
Al Pekarcik of Voit Commercial Brokerage’s Irvine office and Rob Mitchell of Voit’s Anaheim Metro office represented both parties in the deal.
“The House of Sportsmen acquired the building as an investment,” Pekarcik said. “They were attracted to the property because of its upside potential.”
A Big Tenant, by George
Britain’s BAE Systems, an aerospace and defense company, has signed a long-term contract with the Southern California Logistics Airport,the former George Air Force Base near Victorville,to lease two large hangars and office space at the airport.
The agreement also allows for expansion opportunities. Though specific details were not available on the lease agreement, the plans pave the way in transforming the former military base to an airport.
“Southern California Logistics Airport is becoming a case study in the conversion of military bases, and is quickly fulfilling its promise as an economic engine for the city of Victorville, and the entire Inland Empire North region,” said Terry Caldwell, airport chairman and Victorville city councilman.
Laguna Stirling Airports International, Laguna Hills, is the master developer of SCLA.
Local Brokers Top Grubb’s List
Two brokers from Grubb & Ellis’ Anaheim office have made the firm’s top national rankings. Jeff Read, a senior vice president and industrial specialist, ranked No. 1 out of the company’s 1,010 brokers nationwide. A 12-year veteran with Grubb & Ellis, Read completed several deals of more than 200,000 square feet each in the first six months of 2001.
Shawn Kelter, also a senior vice president and industrial specialist, ranked seventh in the country for Grubb & Ellis. Kelter is a 19-year veteran of Grubb Ellis.
RESIDENTIAL
Costa Mesa-based The O’Donnell/Atkins Co. has brokered the sale of the residential portion of Moreno Valley Ranch-West Village, a masterplanned community in Moreno Valley.
The sale included 350 acres totaling 16 neighborhoods and roughly 1,400 residential lots. Financial details were not disclosed.
The Inland Empire has been a hot market for O’Donnell/Atkins. In the past two years, the firm has brokered the sale of roughly 6,000 lots in the area, totaling nearly $300 million.
Mackey O’Donnell and Steve Jones of O’Donnell/Atkins represented the seller, McKenzie Vista LP, and the buyer, Overland Moreno Valley LLC.
