Wohl Buys in Inland Empire; Land Sold in Spectrum V
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More news out of San Clemente and the Talega Business Park: In December, Burke Real Estate Group acquired 13.78 acres from Talega Associates LLC for $2.3 million.
Burke plans to break ground on the site this quarter on a project that includes 15 buildings,two flex facilities at some 65,000 square feet; four multi-tenant buildings totaling 50,000 square feet; and nine research and development buildings at roughly 102,000 square feet.
Brokers Jay Mast and Dean Krieger and associate Kurt Bruggeman, all of Lee & Associates’ Irvine Spectrum office, represented both Burke and the Talega group in the $2.3 million deal.
More recently, Mast, Krieger and Bruggeman brokered a second deal in the Talega Business Park. The trio represented both parties when Makena-Talega LLC purchased 5.37 acres from Talega Associates for $2.3 million.
A medical office and day-care facility already are in place on that site, and Makena plans to develop four office buildings ranging from 4,320 square feet to 8,264 square feet. The total project, known as the Makena Office Plaza at Talega, is set for completion in the third quarter.
Wohl Buys in Inland Empire
Irvine-based Wohl Investment Co. acquired the 386,000-square-foot Commerce Square Business Park in Riverside for $17.5 million. The park is on 23.3 acres of land.
One tenant is Williams Communications Group Inc., according to Wohl president Peter Desforges.
“Having Williams as a tenant is a huge positive, because this location is ground zero for the new fiber-optic network that they are installing in the Inland Empire,” Desforges said. “This is one of the few sites in the area that can offer immediate fiber-optic access to prospective tenants and more and more tenants will be requiring fiber-optic connectivity in the future.”
Mark Latimer and Pat Bogan of Insignia/ESG represented Wohl and seller Gateway Advisors of San Francisco.
Wohl also finalized its purchase of the final undeveloped parcels at Ontario Mills mall. According Desforges, plans for the 12.5 acres include multiple restaurants and a 30,000-square-foot retail plaza.
Carol Plowman of Lee & Associates in Ontario represented Wohl and Ontario Mills in the deal. Though no figures were released, estimates place the transaction at approximately $8 million.
Environmental Firm Buys in Spectrum
San Diego-based Ninyo & Moore purchased 2.4 acres in the Irvine Spectrum Center. An environmental and engineering consulting firm, Ninyo & Moore spent approximately $2 million to acquire the land, which is located at Tesla and Irvine Center Drive in Spectrum V.
Stan Mullin and Jim Cunningham of Grubb & Ellis’ Newport Beach office represented the seller, The Irvine Company, in the deal. Dennis Highland and Mark Jerue of Lee & Associates’ Irvine Spectrum office represented Ninyo & Moore. The firm expects to develop a 36,267-square-foot building on the parcel and plans to occupy the building in December.
Hatched in 1986, Ninyo & Moore has undertaken projects for public and private-sector clients in California, Nevada, Arizona and Utah. Locally, the firm provided environmental and geotechnical services in the construction of the $150 million San Diego (I-405) and Costa Mesa (55) freeway interchange improvement project.
RESIDENTIAL
WL Homes LLC continued a move toward acquiring and developing outside its Newport Beach zip code. Already with divisions in California, Utah, Nevada, Colorado, Virginia and Washington, D.C., WL Homes, parent company of John Laing Homes, increased its Colorado holdings by purchasing Estate Homes LLC of Colorado Springs.
“Colorado Springs is the perfect market for John Laing Homes’ product,” said Richard Staky, Mountain Regional president.
John Laing Homes expects to close 100 homes this year at its newest division.
