Newport Beach real estate investor and developer Greenlaw Partners LLC has bought one of the few buildings in Anaheim’s Platinum Triangle not slated for a big makeover.
Greenlaw and an investment fund headed by Boston-based Guggenheim Real Estate LLC recently bought Stadium Centre, an office building at 2099 S. State College Blvd.
The 121,977-square-foot office, which is next to a 250-unit housing development being built by Los Angeles-based KB Home, sold for about $32 million or $262 per square foot.
There are no plans for housing or other development on the property.
The six-story building is about 93% full. The office includes tenants such as government agencies, legal and accounting firms, as well as a bank branch.
Greenlaw has hired Costa Mesa-based RiverRock Real Estate Group Inc. to land a restaurant for the ground floor of the building. Greenlaw also is using RiverRock as the property manager for one of its most notable local properties, Triangle Square mall in Costa Mesa, which it bought last year.
Alan Pekarcik, Dan Vittone and Robert Mitchell of Voit Commercial Brokerage LP represented Greenlaw and Guggenheim in the deal. The sellers, a venture of multiple businesses, represented themselves.
The Anaheim office is the 16th buy Greenlaw and Guggenheim have made together. Most of those deals have been local.
Last year, the two paid nearly $60 million for an 18-acre commercial site between Jamboree Road and Bardeen Avenue in Irvine. Greenlaw has submitted plans with the city to build close to 1,000 homes along with offices, at the site, called the Irvine Technology Center.
Fox Racing to Irvine
Fox Racing Inc., the Northern California-based apparel designer and sponsor of motocross and other action sports teams, is opening a new office in Irvine.
An affiliate of Fox just signed a five-year, 42,000-square-foot office lease at 1621 Alton Parkway. The lease is valued at $3 million. Fox has had a local office since 2003.
The two-story building will be used as a design center and regional office for Fox Racing, and has its own helipad.
Fox is undergoing an expansion from a 7,000-square-foot building in Costa Mesa, according to John Rothwell of Daum Commercial Real Estate Services.
Rothwell and Karen Davis of GM Properties Inc. represented landlord Del Mar Avionics.
Mark Zuvich and Oliver Ternate of Zuvich Corporate Advisors Inc. represented Fox, which also has an office in Newport Beach.
KBS Keeps Buying
Newport Beach’s KBS Real Estate Investment Trust continues to be an active buyer of properties across the country. It has made some $220 million of deals in the past month.
Outside Chicago in Schaumburg, Ill., KBS paid $135.8 million for the Woodfield Preserve Office Center, a two-building center that totals 647,196 square feet. The buildings are about 10 minutes from O’Hare International Airport, and are 97% full.
In Tennessee, it bought six office and industrial buildings around Nashville, for $53.5 million. The buildings total 551,184 square feet, and are 98% full.
And in Oregon, KBS paid $33.1 million for ADP Plaza, an office in Portland. The building includes two four-story buildings totaling 180,772 square feet, which are 91% full. Tenants include Automatic Data Processing Inc., for which the plaza is named.
The real estate investor has raised close to $800 million for investments since early 2006. It has filed plans for a second real estate investment trust with the Securities and Exchange Commission.
Fluid Movement
Fluid Research Corp., a Tustin-based manufacturer, has a new home.
The company, which designs and makes fluid dispensing equipment for the auto, aerospace, electronics and other industries, is moving to a building in Tustin, at 15775 Gateway Circle.
Wolf Tree Corp. of Tustin just bought the building for $5.2 million. The 23,348-square-foot building sold for about $223 per square foot. Mezzasalma Properties LLC of Santa Ana was the seller.
The building will serve as the corporate headquarters for Fluid Research, which had been on Bell Ave.
John Rothwell of Daum Commercial represented Wolf Tree in the sale. J.R. Williamson of NAI Capital Commercial represented the seller.
The facility in Tustin represents about a tripling in size for Fluid Research, according to Rothwell. The company recently started a contract manufacturing business, for manufacturers that need small quantities of their products but don’t want to buy their own equipment.
Mammoth Sale
Mammoth Equities LLC of San Juan Capistrano has sold one of its larger OC office holdings in Cypress.
Mammoth Cypress Pointe IV, a four-building office park totaling 149,000 square feet, was sold to USA Build LLC of Cerritos. The sale price for the two-story buildings was $32.3 million, or about $216 per square foot. The capitalization rate for the deal was reported at about 6%. The property was built between 1988 and 1990, and is one of three Cypress-based developments owned by Mammoth Equities, according to the company’s Web site. Tenants include PacifiCare Health and Rockwell International.
Mammoth’s biggest remaining property in the county is its 105,745-square-foot Mammoth Professional Office Park in San Juan Capistrano, which opened earlier this year.
Alan Pekarcik and Dan Vittone of Voit Commercial Brokerage’s Irvine office represented the seller. Richard Heller of Urban West Commercial represented the buyer.
Bigger in Texas
About a year ago, I wrote about Chase Merritt Investments LLC of Newport Beach making its first purchase in Austin, Texas. The company, along with fellow Newport Beach-based firm Buchanan Street Partners paid $46.8 million for a five-building complex in a development known as Amber Oaks.
Earlier this year, Chase Merritt made another buy at Amber Oaks, without Buchanan Street. That roughly $33 million deal increased its presence there to 10 buildings and about 640,000 square feet.
But it was a quick hold for Chase Merritt, an outgrowth of Newport Federal, a 35-year-old real estate investor in Newport Beach.
It just announced that it sold all 10 buildings it owned at Amber Oaks to CB Richard Ellis Investors for an undisclosed price.
Chase Merritt said last month it’s starting to look more at Houston for purchases. It recently bought 314,000 square feet of office space there, in a venture with Los Angeles’ Pacific Coast Capital Partners LLC.
