The county’s largest commercial brokerage again has tinkered with its top management here.
Los Angeles-based CB Richard Ellis Group Inc. last week named Todd Frye managing director of its Anaheim office. He replaced Jeff Moore, who was promoted to senior managing director of the Inland Empire region.
Frye, 34, had handled leasing for Newport Beach-based Olen Properties Corp.’s 5 million square feet of commercial space in Orange County.
He now oversees more than 100 workers in the Anaheim office, including 45 commercial agents and brokers. He’s responsible for business development, client relations, property and facility management and brokerage services.
Last year the Anaheim office did $2.2 billion worth of leases and sales, according to CB.
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Red Oak partners: Flanagan, hails from Shea Properties, Wong from Trammel Crow |
Frye, who also is an attorney, began his real estate career with CarrAmerica Realty Corp. in Washington, D.C., where he spent five years in the office leasing group, first as a leasing associate and then as an assistant vice president.
As for Moore, he now oversees four offices in Corona, the San Gabriel Valley, Indian Wells and Ontario,the region’s hub office with more than 100 workers.
About a year ago, Sherry Bower was named CB’s top manager in OC, becoming one of the most prominent women in commercial real estate in the county.
She replaced Steven Case, who left to head office leasing for Newport Beach-based The Irvine Company.
Signs of change, perhaps fundamental change, are mounting in the housing market.
The latest: The inventory of homes for sale ticked up late last month, mostly among the most expensive homes, according to Re/Max Real Estate Services.
Re/Max said the slowdown to 2.5 months worth of homes for sale in the county,versus 2.23 months around late August,is normal for fall. OC hasn’t had a “normal” fall slowdown for several years.
“Prices have remained relatively constant for the short term and could start to drop a little during the holiday market,” Re/Max said in a statement.
Homes for sale in all price ranges now amount to more than two months worth of inventory. Homes costing $1.5 million to $4 million have the greatest availability, according to Re/Max.
“For now, the market is really soft in the upper ranges,” Re/Max said. “Expect it to stay that way until spring.”
The overall market should continue to slow to about three months worth of inventory. One shouldn’t worry, unless inventory climbs to about five months worth, according to the brokerage.
Re/Max notes the following areas have inventories greater than three months: Coto de Caza, Corona del Mar, Dana Point, Ladera Ranch, Laguna Beach, Laguna Niguel, Newport Beach, San Clemente, San Juan Capistrano, Talega, Villa Park and Yorba Linda.
Going Solo
A couple executives from two different companies have formed their own venture, Newport Beach-based Red Oak Investments, to develop condominiums and apartments.
The duo: Joseph “Joe” Flanagan, a former director of acquisitions and planning with Aliso Viejo’s Shea Properties, and Alex Wong, a former managing director with Trammel Crow Residential, part of Dallas-based Trammel Crow Co.
The partners are set to target already developed areas with infill development of condominiums with zoning for professional services on the ground floor and housing mixed with shops, Flanagan said. Red Oak also plans to seek condo conversions, he said.
Initially, the partners said they plan to focus on Orange and Los Angeles counties, Flanagan said.
“We believe the development industry can contribute more to this country by focusing its energy in our cities, which we have depleted by decades of suburban expansion,” Flanagan said.
The Batchelorette
Speaking of going solo: Lorena Batchelor, formerly with CB Richard Ellis, has brokered a big deal under her own name, Huntington Beach-based Batchelor Investments.
She formed the company last year, focusing on apartments.
Batchelor, 29, said she banked on her six years of experience, her ability and “a group of loyal investors.”
The deal: Pacific Property Co. paid $34.5 million to Fowler Property Acquisitions for three apartment buildings totaling 228 units.
The properties were bought as a portfolio. They include 80-unit Southridge Apartments in Pomona, and two projects in Claremont.
“When I worked for CB brokering apartment buildings, I worked the Orange County apartment market, but when I started Batchelor Investments the Orange County market was so tight that I elected to expand my coverage to all of Southern California,” she said.
Batchelor, recently married, said she is changing her company name to Toney Investment Group.
