Gateway International Holdings Inc., a holding company for manufacturing businesses that’s seen a number of changes in the past few years, is moving from Anaheim to Tustin.
The company just signed a five-year, $2.1 million lease for a 48,668-square-foot industrial building at 2672 Dow Ave. in Tustin.
Gateway is consolidating local operations into one facility and wanted to stay in Orange County, according to Chip Dever, associate vice president of Colliers International’s Irvine office.
The company said it plans to move its headquarters into the Tustin facility in early July, with its precision manufacturing operations set to follow in August. The building includes about 10,000 square feet of office and engineering space.
Gateway sold a building it owned in Santa Ana in March for $2 million. That engineering facility was used by a company division that serves the aerospace and defense industries, Gateway’s mainstay. It made a profit of about $681,000 on the sale.
It’s been a topsy-turvy few years for Gateway, which trades on the low-profile Pink Sheets and has a market value of about $25 million.
When the Business Journal spoke with Gateway Holdings about two years ago, it was in the midst of buying up local makers of aerospace components, medical devices and auto parts sectors.
Plans at the time were to consolidate the rolled-up company’s operations into a facility in the 100,000-square-foot range, and move shares to Nasdaq.
The stock move hasn’t happened, due in large part to accounting issues that delayed it from filing financials with the Securities and Exchange Commission.
Dever, Pat Remolacio and John Carpenter of Colliers represented the landlord, a private real estate partnership, in the Tustin lease transaction.
Jeff Williams of Voit Commercial Brokerage LP’s Irvine office represented Gateway in the transaction.
Beyond the Summit
Aliso Viejo’s Parker Properties LP has moved off the Summit for its latest project.
The developer just kicked off work at Summit Oaks, a five-story, 144,000-square-foot office being built in Santa Clarita. The project is part of a masterplanned community dubbed Valencia.
The building will be visible from Interstate 5, according to Kevin McKenzie, president of Parker Properties.
The building is set to be done in mid-2008. CB Richard Ellis Group Inc.’s Doug Marlow and David Solomon are heading up leasing for the building.
The office will have a similar look to the developer’s 1.8 million-square-foot Summit office campus in Aliso Viejo.
Ware Malcomb of Irvine is handling the architecture, while Irvine’s Snyder Langston is the general contractor.
Closer to home, McKenzie gave me a recent tour of the latest additions to the Summit office campus in Aliso Viejo, which includes offices, a hotel and upscale gym.
Two four-story offices, totaling 260,000 square feet of space, are nearing completion and should be ready in a few months.
The developer has been talking to companies from a variety of industries about potential leases, McKenzie said.
Also, the steel is up on the nine-story office being built for Pacific Life Insurance Co. The view from near the top of the building,which is set to be the tallest in the city,is impressive.
Sold Again
Santa Ana’s Civic Center Professional Plaza, next to the Ronald Reagan Federal Building, has traded hands again.
The four-story, 36,354- square-foot office building, at 500 W. Santa Ana Blvd., was bought by CIM Urban REIT Properties I LP of Hollywood for $7.3 million. The property also includes a five-story parking garage.
CT Realty Corp. of Newport Beach was the seller. The developer bought the property in mid-2004 for a reported $4.4 million. It has put in $1 million in upgrades to the building, including renovated common areas and lobbies, refurbished elevators and landscaping.
The property “was underperforming due to deferred maintenance issues at the time of our purchase,” said Marc Belluomini, executive vice president of CT Realty. The building’s 77% full, according to Belluomini.
CIM Urban was represented by Al Pekarcik of Voit Commercial Brokerage LP’s Anaheim office. CT Realty represented itself.
Mission Viejo, Not Stockton
Makena Properties Corp. still is based in Mission Viejo, contrary to my June 4 column item that placed the company in Stockton.
The column item noted the developer just sold off an 86,207-square-foot San Clemente office to Irvine’s BioRealty Inc.
Makena still is active in industrial, research and development and office development. Lately, President Norm Nowell has been focusing on his sports center concept, seen at American Sports Centers in Anaheim. The center counts dozens of indoor basketball, volleyball and soccer courts. Nowell says he’s trying to expand the concept nationally.
There’s another Makena Properties in Stockton, but the two aren’t related.
