The former Cypress headquarters for Roger Cleveland Golf Co. is set to be turned into medical labs and offices.
The makeover plan comes after Laro Properties LP of Encino sold the 76,032-square-foot Cypress building, at 5630 Cerritos Ave., for $9.2 million.
West Coast Clinical Trials Inc. bought the site. It plans to occupy the building and turn it into a medical diagnostics laboratory.
The buyer is expanding its medical research business. It has other offices in Costa Mesa and Long Beach, according to brokers.
The building had been the headquarters for Roger Cleveland Golf for 10 years. It was built in 1989, according to CoStar Group Inc.
Roger Cleveland Golf was bought by Quiksilver Inc. last year, when the Huntington Beach-based surfwear maker acquired France’s Skis Rossignol SA.
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5630 Cerritos Ave. in Cypress: former home to Roger Cleveland Golf will get face-lift |
Roger Cleveland Golf outgrew the office and manufacturing plant and moved in February to Huntington Beach when its lease ended.
Irvine’s Centra Realty Corp. built the golf club maker’s 130,000-square-foot Huntington Beach complex, one of the larger industrial developments in Orange County in recent years.
Kevin Turner and Pat Remolacio of Colliers International Inc.’s Irvine office represented the seller in the Cypress deal. Vince Kagawan of Pinnacle Real Estate represented the buyer.
The property received a number of offers. It was an attractive option for the buyers because it is rare for industrial buildings to come up for sale in Cypress these days, Turner said.
Local developers Cypress Land Co. and Warland Investment Ltd. own most of the industrial buildings in the area. Neither company has been a seller recently.
Record Price in Laguna
Laguna Beach’s Jolly Roger shopping center, a distinctive 75-year-old property along the city’s Restaurant Row, just traded hands at what brokers are calling a record price per square foot,at least for the land the two-story retail complex sits on.
The price for the 13,590-square-foot building: $11.1 million, or about $817 per square foot. It sold at a cap rate of 6.7%.
Similar OC retail buildings are trading on average at about $400 per square foot, up some 15% from a year ago.
Based on the sales price, the land for the two-story property sold for $1,593 per square foot, a record-breaking price per square foot for a triple-net leased retail parcel in Laguna Beach, according to Jack Hopkins, an associate director for the Newport Beach office of Marcus & Millichap Real Estate Investment Brokerage Co.
Hopkins represented the buyer, Bradford Ventures LLC of Laguna Beach, as well as the seller, Lloyd Charton Family Trust.
The mall is at 400-424 South Coast Highway. It’s fully leased. Soul to Sole, a boutique shoe store, occupies 1,590 square feet. Jolly Roger/Laguna Beach Brewing Co. has the remaining 12,000 square feet.
Big Profit For Triple Net
An investment trust with ties to Santa Ana-based Triple Net Properties LLC just sold 600 B St., a 339,000-square-foot, 24-story office building in San Diego’s financial district.
The sale price was $95.5 million, or $18.3 million more than G REIT Inc. paid for the building two years ago. Triple Net manages the day-to-day activities and is the adviser to G REIT, which is in the process of liquidating its holdings.
Legacy Partners Realty Fund II LLC of Foster City was the buyer. Kevin Shannon of CB Richard Ellis Group Inc. and Louay Alsadek of Grubb & Ellis Co. represented both parties in the deal.
The building is 98% leased, with the city of San Diego occupying nearly half.
Green Thumb For Hines
One of the new office towers going up around John Wayne Airport is going green.
The Irvine office of Houston-based developer Hines Interests LP said that its 2211 Michelson Drive office building under construction across the street from John Wayne Airport has been pre-certified as an environmentally friendly “green building” by the U.S. Green Building Council.
It’s the first office tower in California to get the green stamp of approval from the council’s Leadership in Energy and Environmental Design Core and Shell program, according to Hines.
It’s also the second West Coast tower to get the designation,a Hines property in Seattle was the first.
Environmental features in the 266,000-square-foot tower include the use of innovative wastewater and irrigation technologies, a reduction in the use of electricity and water, the use of daylight within interior spaces and several gardens. Hines is building the 12-story tower in a venture with Crescent Real Estate Equities Co. of Dallas.
