Youngquist Starts Project for Birtcher; First American Changes Name
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Now that Edevelopments.com has inked a deal for space at Parker Properties’ The Summit office campus, one of Orange County’s most coveted pieces of commercial real estate is back in play.
The 40-acre Parker Aerospace site at the corner of Jamboree Road and the San Diego (405) Freeway was thought to have been well on its way to being acquired by eDevelopments, with participation from the Koll Co.
But eDevelopments’s deal for 114,000 square feet with an option for an additional 320,000 square feet at The Summit Office Campus in Aliso Viejo essentially kills any prospect of it being associated with a Parker Aerospace deal. Of course, Don Koll may go after the property himself.
Whoever goes after it will find a lot of competition.
George Economos, a vice president of Newport Beach-based brokerage firm NAI/Capital Commercial, said the Parker Aerospace site will be highly sought-after.
“It is still a very valuable property,” he said. “It’s certainly one of the most valuable in the airport area.”
Economos believes whoever acquires the site will eventually seek to redevelop it.
“I think it will definitely be redeveloped. Some office use with a combination of a hotel would certainly be possible,” he said.
Currently, the property includes 400,000 square feet of manufacturing, industrial and office space, with entitlements in place for an additional 200,000 square feet.
Koll Development is No. 1
Koll Development Co. has been named “Top Industrial Firm” by National Real Estate Investor magazine for the second consecutive year.
Koll was selected by more than 8,000 subscribers to the magazine, which named winners in 11 categories. Koll representatives collected the award at the magazine’s third annual NREI Leadership Awards, which was held in New York earlier this month.
Deals:
Mueller-Shields One, an Irvine-based marketing communications firm, has signed a five-year, $3.1 million lease for a 53,360-square-foot research and development facility at 15363 Barranca Road in Irvine. Stan Mullin of Grubb & Ellis’ Newport Beach office and Jim Biondi of the firm’s South Bay office represented the landlord, Irvine-based Nikken. Gregg Haly of CB Richard Ellis represented Mueller-Shields One, which has already occupied the facility Touchstone Investments has acquired the 240,000-square-foot Anaheim Technology Center business park in Anaheim for $11.6 million from Principal Financial Group. Legacy Partners represented both parties Hirsch Electronics Corp., a security management systems firm, has signed a seven-year, $2.7 million lease for almost 35,000 square feet of space at 1900 Carnegie Ave. in Santa Ana. Jeff Mitchell of Voit Commercial represented Hirsch Electronics in the deal while the landlord, 2560 Redhill LLC, represented itself Village Builders 98 LP has purchased 36,000 square feet of land on the southwest corner of Beach Boulevard and Yorktown Avenue in Huntington Beach for $2.5 million. The company plans to demolish the existing buildings and develop a build-to-suit for Walgreen Pharmacy. Alida Calvagna of Lee & Associates’ Orange office represented the seller, VFT Investments, while Village Builders represented itself.
RESIDENTIAL
Costa Mesa-based Andrew L. Youngquist Construction, whose strength is movie theater construction with stadium seating, has been tapped by Birtcher Senior Properties to build the 85-unit Imperial Park Senior Care Community in Whittier.
ALY already has broken ground on the 105-bed, $10 million assisted-living and dementia-care project on behalf of Birtcher.
The 65,000-square-foot facility on 2.2 acres at Imperial Highway and Burgess Street in Whittier is scheduled for completion by October. It will feature community and private dining rooms, sensory gardens, physical-therapy facilities, a library, an arts-and-crafts room and 24-hour security. In addition, the community will contain a special-care wing designed to accommodate the needs of patients with Alzheimer’s and other memory-impairing diseases.
First American Changes Name
The First American Financial Corp. has changed its name to The First American Corporation. Shareholders approved the name change for the Santa Ana-based company, whose primary business has long been title insurance, at their meeting this month.
“In recent years our business mix has expanded dramatically to include a broad array of nonfinancial services,” said First American President Parker S. Kennedy. “We believe our new name will better reflect the diversified nature of the company.”
The name of the corporation’s biggest and best known subsidiary, First American Title Insurance Co., will remain the same.
In other moves, shareholders re-elected the 13 incumbent members of its board, which includes Arnel Development head George Argyros.
