Brookfield Sees Strong Homes Sales at Amerige Heights
Land Disposition Buys Lots to Build up North; NAIOP Brings in Bill Simon
REAL ESTATE
by Daniel D. Williams
RESIDENTIAL
Home sales remain strong in North Orange County.
Brookfield Homes Southland Inc., part of Toronto-based Brookfield Properties Corp., sold out the first phase of the Talmedge neighborhood in Fullerton’s Amerige Heights development.
“Based on what we experienced, demand for new homes in Fullerton and North Orange County is exceptionally strong,” said Hope Sylvester, Talmedge sales manager.
According to Sylvester, 1,000 people visited the model homes on a recent weekend. The next phase is set to go on sale Saturday. The Talmedge neighborhood totals 109 homes with prices starting in the high $400,000s.
Anaheim-based SunCal Cos. is the master developer of Amerige Heights and recently sold off another chunk of land to Seal Beach-based The Olson Co. In the deal, Olson paid SunCal more than $26 million for 277 single-family attached residential units on 14.9 acres.
Mackey O’Donnell, Craig Atkins and Mike Hunter of Costa Mesa-based O’Donnell/ Atkins Co. represented both parties in the deal.
The area remains hot for homebuilding according to O’Donnell/Atkins. The land brokerage company expects to close on another three land sites in Fullerton within the next 90 days. The sites,a town home site, an apartment and mixed-use site and a single-family detached site,are expected to fetch $44 million. Buyer information was not available.
Along the Sacramento
Irvine-based Land Disposition Co. bought lots at auction and wants to develop upscale homes on them along a golf course on the Sacramento River.
The area, known as Lighthouse Marina, has been in a holding pattern for nearly 20 years, but officials at Land Disposition hope to change that with their recent purchase.
“Our goal is to find the premier custom builders in the Sacramento area and work on this as a joint venture,” said Rob Friedman, Land Disposition’s president.
The move is something of a departure for the company. Typically, it buys land at auctions then sells it. For the Lighthouse Marina development, Land Disposition will hang onto the land during construction.
“To maximize profit, we’re going to need to build the homes so people can see what is there,” Friedman said.
The Lighthouse Marina land is zoned for 283 homes and 400 apartments and condos.
COMMERCIAL
NAIOP Meetings
UCI’s Graduate School of Management Program in Real Estate and the local chapter of the National Association of Industrial and Office Properties are set to resume their Real Estate Management Breakfast Series on April 9.
The next breakfast is set for the Arnold and Mabel Beckman Center of the National Academies of Science and Engineering, adjacent to the University of California, Irvine campus.
The program is expected to focus on creating effective strategies for corporate properties. Speakers include Al Beaudette, president, Griffin Advisors; Phil Cyburt, president, Boeing Realty Corp.; Greg George, real estate manager, Home Depot Inc. and Lynn Kious, vice president of corporate real estate services, Disney CORE Services.
The program is scheduled from 7:30 a.m. to 9:30 a.m. More information: (949) 824-6172.
In another NAIOP program, Bill Simon, Republican candidate for governor, is slated to address business leaders at the Pacific Club.
Simon’s topics are set to include commercial real estate, economic growth, transportation, energy, water and fiscal responsibility.
The talk is set for Thursday, from 5:30 p.m. to 7:30 p.m. Cost is $50 for NAIOP members and $75 for non-members. More information: (714) 979-9131.
Bits and Pieces:
Costa Mesa-based Donahue Schriber and Newport Beach-based Koll Development Group have completed work on another 20 shops at The Summit at Scottsdale (Ariz.), a 325,000-square-foot retail center anchored by a Target and Safeway. New shops include Chico’s, Bath & Body Works and Rubio’s Baja Grill. Phase one of the project,owned, managed and leased by Donahue Schriber,is 90% leased. The second phase, set for a fall completion, will add another 35,000 square feet to the project Irvine-based Snyder Langston completed construction on Cherry Orchard Retail Center, a five-building, 58,400-square-foot project in Sunnyvale. A two-story Border’s Books & Music anchors the site that once operated as a cherry orchard for more than 90 years A 220-unit apartment complex at Ladera Ranch received a $25.6 million loan from Key Commercial Real Estate of Los Angeles for construction.
