National Business Records Relocates; Pacific Gulf Sells Units
La Jolla Sport USA Inc. has found a new corporate headquarters building in Irvine. A licensee of O’Neill sportswear, La Jolla Sport has acquired a 75,567-square-foot building, according to a spokesperson at Grubb & Ellis Co.
The sportswear company plans to move from its current Irvine office to the new site at 17 Pasteur. Reports placed the deal at $7.2 million with La Jolla Sport set to occupy the space in May.
Gary Allen, senior vice president with Grubb & Ellis’ Newport Beach office, represented the seller, Bristol-Myers Squibb Co., in the transaction. John Matus and Christene Bowen of Lee & Associates represented the buyer.
COMMERCIAL
Irvine-based National Business Records Center Inc. expanded its operations into Anaheim with the purchase of a 56,190-square-foot building. National Business Records paid $3.7 million in the deal.
A document storage company, National Business Records already is occupying the building, according to Louis Tomaselli of Voit Commercial Brokerage’s Anaheim office.
The transaction represents the sale of the last of 12 buildings within the Savi Industrial Center, a 240,000-square-foot business center in Anaheim.
Located at 8080 E. Crystal Dr., the freestanding facility was built in 1999.
“The building acquired by National Business Records is practically new and accommodated the growth the company is experiencing,” Tomaselli said.
Tomaselli and Mitch Zehner, also of Voit’s Anaheim office, represented the seller, The Clifford Cos. Jedd Zaun of Lee & Associates represented National Business Records.
Eat and Greet
The University of California, Irvine’s Graduate School of Management Program in Real Estate Management is hosting a program for the real estate crowd entitled, “The Issues in Real Estate Management Breakfast Series.”
Last month, Jon Fosheim, principal with Newport Beach-based Green Street Advisors, moderated a panel detailing the minutiae of real estate investment trusts.
This month, the discussion focuses on the Internet’s increasing impact on corporate real estate transactions. The Irvine Company’s Bill Halford, president of office properties, and John Turner, leasing director, are co-moderating the discussion.
Guests include John Cushman, president and chief executive, Cushman Realty; Phil Belling, principal, Layton-Belling & Associates; Gary Palmer, principal, Morgan Stanley Dean Witter; Ed McFarland, president, NetStruxr; Chris Ludeman, managing director of the Western region and president of brokerage services, CB Richard Ellis; and Dennis DeAndre, president and chief executive of LoopNet.
The program “will focus on changes caused by a new reliance on the Internet, evolving business practice and where they believe the industry is headed as a result,” according to a spokesperson for the series.
The program is April 24 at the Arnold and Mabel Beckman Center of the National Academies of Science and Engineering, adjacent to the UCI campus. Registration and breakfast begin at 7:30 a.m., with the panel discussion at 8 a.m.
The program costs $35 per person. Call Jacqueline Sisemore at (949) 824-6172 for reservations and more details.
Deals:
Religion takes center stage for this week’s deals as the former Irvine Ice Arena metamorphoses into a synagogue.
Costa Mesa-based Coleman/Caskey Architects, a division of Fort Worth-based Carter & Burgess Inc., will provide design services on the University Synagogue project. Located at Michelson Drive and Harvard Avenue in Irvine, the 55,928-square-foot synagogue will be the home for the congregation, which currently shares a facility with the Irvine United Church of Christ on Alton Parkway in Irvine.
Stephen Wagner, director of business development for Coleman/Caskey, said the project would be completed in phases with a proposed fall move-in date.
“Right now it looks like a barn,” Wagner said, “but when it’s completed it will look like a first-class religious facility.”
RESIDENTIAL
Final Phases of Coto de Caza
Residential construction began in Coto de Caza in the late 1960s, according to Holly McKie, marketing manager for Lennar Communities, developer of Coto de Caza. Now, that all comes to an end.
This June, Coto de Caza will debut the last three neighborhoods of the community. The neighborhoods include San Marino, offered by Western Pacific Housing and Terra Vida and Valle Vista, both offered by Lennar Homes. Prices begin in the high $800,000s in San Marino, the $600,000s in Valle Vista and $700,000s in Terra Vida.
CB Richard Ellis Apartment Deal
Pacific Gulf Properties’ $21.75 million sale represented the final transaction in the company’s Southern California apartment portfolio. Pacific Gulf Properties sold the 204 units of Daisy 7-11 in Diamond Bar to Eagle Real Estate Group.
In all, Pacific Gulf Properties sold 11 apartment properties in Los Angeles and San Bernardino counties totaling 1,369 units. The total sale price exceeded $107 million.
“Despite potential concerns about a softening real estate market and the impact of the energy crisis, the reality is that California is experiencing a housing shortage and multifamily is a key component to providing much-needed housing,” said Sean Deasy, senior vice president with CB Richard Ellis.
Deasy led a team that brokered all of the Pacific Gulf Properties deals.
