COMMERCIAL
The new millennium has started off right for the folks at Coreland Carlson.
The Tustin-based property-management and real estate brokerage firm has won eight new property-management contracts in Southern California during the first quarter of 2000. The new contracts,totaling 1.27 million square feet of retail, industrial and office space bring the company’s total management portfolio to 13.6 million square feet.
In Orange County, Coreland Carlson added an industrial park in Anaheim owned by Catellus Development Corp. That and another Catellus Development industrial park in Santa Fe Springs account for 270,000 square feet of new work.
In West Los Angeles, Coreland Carlson was tapped by Champion Development Group to oversee the One Westside and Brentwood Place retail centers. Also in Los Angeles County, Coreland Carlson won a 226,000-square-foot job from Costco and a 150,000-square-foot contract from Nationwide Insurance Co.
In the Inland Empire, Holualoa Real Estate and Heller Financial awarded Coreland Carlson contracts totaling 470,000 square feet.
Smaller jobs throughout Southern California for Founder’s Financial round out the company’s first-quarter property-management business.
The brokerage side of the business has similarly seen a boost in business lately. Coreland Carlson completed 41,000 square feet of leasing and sales transactions recently throughout Southern California. Additionally, the company was chosen as exclusive listing agent for the 182,000-square-foot McFadden Center, an industrial and retail complex in Santa Ana.
Youngquist Breaks Ground
Costa Mesa-based Andrew L. Youngquist Construction has broken ground on the 65,000-square-foot Imperial Park Senior Care Community, a $10 million assisted-living project in Whittier. The company is building the project for Newport Beach-based Birtcher Senior Properties.
The Park Senior Care Community, on 2.2 acres at the corner of Imperial Highway and Burgess Street, will feature 85 units with a total of 105 beds. The project is scheduled to be completed in October.
CT Cashes Out of Dunn Site
Rule No. 1 in real estate investing: Buy low, sell high.
CT Realty Corp. has sold the 59,830-square-foot Dunn Way Industrial Park in Placentia for $3.1 million to Costa Mesa-based Frome Omega Developments LLC, walking away with a tidy $650,000 profit.
The Newport Beach-based real estate development and investment company acquired the property in March 1999 for $2.45 million as part of a $10 million portfolio purchase from Glenborough Real Estate Investment Trust.
Johnny Eubanks of Lee & Associates’ Orange office represented CT Realty, while Steve Frey of Newport Beach-based Frey Investments represented Omega Developments.
RESIDENTIAL
WL Homes LLC, the parent company of John Laing Homes, posted $87 million in revenue on 351 escrow closings during the first quarter. The revenue figure is a slight improvement from the homebuilder’s $83.3 million posted in the first quarter last year, but the closings are a decrease from the 384 homes of last year’s first quarter.
Given the increase in revenues, WL Homes officials expect to close more than 2,500 homes this year, generating revenue in excess of $600 million.
The Irvine-based homebuilder, one of the most active in Orange County, also has operations in Utah, Nevada, Colorado, Maryland and Virginia.
Ladera Beats Sales Target
Orange County home sales continue to be hot, but the situation in South Orange County has been especially so.
Ladera Ranch, Tony Moiso’s latest foray into masterplanned communities, continued its strong 1999 pace with 182 sales in the first quarter, bettering by 21% the sales level targeted by Ladera Ranch officials. Since Ladera Ranch grand opened to the public last summer, it has averaged 13 to 14 sales per week, 500 in all so far.
Moiso’s Rancho Mission Viejo LLC,with backing from Phoenix-based DMB Consolidated Holdings, LLC,is developing the 4,000-acre masterplanned community in southeast Orange County. When completed, Ladera Ranch will include a total of 8,000 homes, ranging from apartments to townhomes, carriage houses and family-size homes. Additionally, it will offer custom lots. On the commercial side, Ladera Ranch will feature a 15-acre retail center and a 75-acre mixed-use center.
