COMMERCIAL
In January 2007, I wrote about Shidler Group, a Honolulu-based commercial real estate owner, buying a 15-building, 1 million-square-foot portfolio of offices,including 10 OC buildings totaling nearly 600,000 square feet,from an affiliate of Arden Realty Inc. for a reported $187 million.
Those properties have a new owner, after Shidler’s Western U.S. office portfolio was spun off into a new real estate investment trust, Los Angeles-based Pacific Office Properties Trust Inc.
The West Coast office building real estate investment trust began operations in early 2008. It took over ownership of the 15 buildings that used to belong to Arden in August, paying $195 million.
The OC properties include three complexes: Costa Mesa’s 61,000-square-foot South Coast Executive Center, the five-building, 166,000-square-foot Yorba Linda Business Park, and Savi Tech Center, a four-building complex in Yorba Linda that totals 372,000 square feet.
Pacific Office’s portfolio under management now totals 4.3 million square feet, and includes another OC property, a 166,000-square-foot flex building in Yorba Linda.
The company’s Southern California portfolio will focus on Los Angeles and San Diego, with selective expansion in OC, according to Dallas Lucas, Pacific Office’s president and chief executive.
RESIDENTIAL
Irvine-based Impac Mortgage Holdings Inc. received notice last December from the regulators of the New York Stock Exchange that the company’s slumping stock could be delisted unless its share price improves.
Shares for the company,which counts a market value of about $60 million,have actually fallen since that notice, but Impac looks likely to remain trading on the exchange for at least the remainder of the year.
New York Stock Exchange regulators said in late August that it was giving Impac four more months to show improvements in its share price, after reviewing materials submitted by the company.
Companies trading on NYSE are expected to maintain a consecutive 30-day average closing stock price of more than $1 per common share.
