Case Takes Over CB Regional Arm Looking to Add Brokers
Master Does Two Ontario Deals; Advanced Real Estate Looks to Double Down in Santa Ana
REAL ESTATE
by Daniel D. Williams
Steven Case takes over as head of CB Richard Ellis Services Inc.’s Orange County region betting 2002 won’t end like it started.
“We are bullish on both Orange County and the Inland Empire,” Case said. “With the exception of South Orange County, we will see demand pick up in the second and third quarter. The biggest indicator of this is projected job growth.”
Case became CB’s senior managing director of the OC region, which includes the Inland Empire, at the start of the year. He replaced Clark Booth, who retired after 39 years with the company. Case had been senior managing director of CB’s Anaheim office.
In his new role, Case is overseeing some 150 brokers,about 100 in OC and 50 in the Inland Empire.
Case said he plans to add 12 to 15 brokers to the OC region this year.
“The biggest change in our philosophy is that we’re going to be growing more aggressively,” Case said.
Case has been with the CB since 1983. During his 10 years as a broker, Case said he closed on the sale or lease of more than 10 million square feet and 208 acres of land.
Case holds a bachelor’s of science in finance and marketing from the University of Southern California. He’s also completed executive leadership programs at Stanford University and Northwestern University’s Kellogg School of Management.
Case said he also is working with other CB executives to forge the company’s Los Angeles, Orange County and San Diego regions into a cohesive unit.
“Many of our clients look at us as a Southern California office, not an L.A., Orange County or San Diego office,” Case said.
Case and other CB executives already are working on putting the three offices together as a regional entity, he said.
Master Closes Deals
Newport Beach-based Master Development Corp. has staked out the Inland Empire for deals and development.
The real estate development and construction company closed on a lease and a sale of industrial properties at The Crossroads Collection in Ontario, part of the 250-acre Crossroads Business Park.
In the first deal, Master sold a 63,500-square-foot building to Rancho Cucamonga-based Southwest School and Office Supply. The company plans to use the facility to distribute office supplies and furniture.
In the second deal, Master signed Exel Inc. to a seven-year lease totaling $2.1 million for a 103,000-square-foot building. Exel plans to use the space as a distribution facility for Coors beer.
“The Crossroads Collection has been successful attracting national and regional businesses looking for a prime location, warehouse distribution buildings and accessibility to major transportation corridors,” said Bryan Bentrott, a Master vice president.
Both deals closed in December and fill out Master’s four-story, 405,000-square-foot project within Crossroads Business Park, developed by San Francisco-based Catellus Development Corp.
Other Crossroads tenants include Dunlop Tires, Gillette Co. and New Balance Athletic Shoe Inc.
Mike Giuliano of the Lee & Associates’ Ontario office represented Southwest School and Office Supply. John Thys of Colliers Seeley’s Diamond Bar office represented Exel. Michael Chavez and Bill Heim of the Lee & Associates Ontario office represented Master.
Property Managers Growing Portfolios
Coreland Carlson, a Tustin-based real estate property manager, grew its portfolio by 1.25 million square feet during the fourth quarter. The privately held company said its portfolio now exceeds 13 million square feet with more than 100 properties.
Among Coreland’s properties: a 110,740-square-foot shopping center in Torrance; Phillips Ranch Plaza, a 125,080-square-foot shopping center in Pomona; and Southridge Plaza, a 121,888-square-foot shopping center in Fontana.
Essex Realty Management Inc. also has landed new assignments. The Costa Mesa-based company added three new properties totaling 219,889 square feet: the 91,889-square-foot The Sycamore Commons Corporate Center in San Juan Capistrano; a 53,000-square-foot office development formerly occupied by Callaway Golf in Carlsbad; and the Airport Tech Business Center, a 75,000-square-foot business park in Ontario.
The new assignments bring Essex’s portfolio to 6.4 million square feet.
RESIDENTIAL
Lake Forest-based Advanced Real Estate Inc., a residential real estate and property management company, has acquired the 112-unit Fairview Apartments in Santa Ana.
Advanced paid $6.3 million for Fairview and plans to spend another $2 million renovating the complex at 2701 McFadden Ave.
After the upgrades, Fairview is set to become part of the neighboring Villa del Sol Apartments. The combination stands to bring make Villa del Sol the largest apartment community in Santa Ana at 674 units, according to Advanced.
Fairview had the same owner for more than 30 years and was due for a makeover, according to Advanced. The company intends to add playgrounds, a basketball court and a book reading center to the complex.
The purchase is part of Advanced’s growth strategy for 2002, according to a company executive.
“We are on a very aggressive growth plan,” said Advanced’s Rick Julian. “We are planning expansion of our holdings in Orange County as well as the surrounding Los Angeles, San Diego, San Bernardino and Riverside counties.”
Advanced plans to increase its Southern California portfolio by some 1,500 units this year, the company said. Though Advanced has branched outside OC, the company said it plans to focus most of its work locally, according to Julian.
Advanced manages 3,600 units and owns roughly 3,100 units, the bulk in OC.
