After a near doubling in its Orange County staff during a two-year period, Cox Communications consolidated its local operations by moving last year into a huge new facility in South County.
While the $25.5 million facility proved to be one of the most prominent property deals in terms of dollars in 1999, other large transactions were going on throughout the market.
With industrial space at a premium in Orange County, Ed Cancilla was able to strike quite a deal.
Through his real estate arm, Cancilla purchased 305,750 square feet of space for his Ajax & Ace Boiler Inc. as well as two other tenants,the largest industrial user space transacted last year. Exercising an option negotiated nearly five years earlier, Cancilla was able to buy the building at 2701 S. Harbor Boulevard in Santa Ana for $22 a square foot.
“The market was a lot different in 1994,” said Biff Smith, senior vice president of Collins Commercial Corp. in Newport Beach, who helped negotiate the deal. “The property would probably go for twice as much today if the old option wasn’t in place.”
The seller, SPS Technologies, remains as one of the building’s tenants.
The manufacturing facility, which has three companies producing everything from boilers to fireplaces to aircraft parts, was built in 1959. But another 82,755 square feet are being built and that space has been leased to Princeton Graphics, which will continue to run its headquarters operation on an adjacent property.
Meanwhile, at year-end, Chevron agreed to sell its 56-acre La Habra site to Interstate Consolidated Industries of Santa Ana for $29.5 million,the largest industrial investment sale of 1999.
Once a major center for oil producers, the land and its eight buildings will be turned into either a shopping center or new office complexes. ICI already has a model for the project if it becomes a retail center,the firm developed Brea Union Plaza. But ICI said it has been approached by potential corporate tenants interested in using existing buildings for office functions.
Before it moves forward, the developer has said it wants to talk to city officials about what they would like to see the former Chevron parcels become.
LARGEST INDUSTRIAL
USER SALES
2701 HARBOR BLVD.
Santa Ana
305,750 sq. ft.
Property Type: Manufacturing
Sale Price: $6.8 million
Buyer: Ajax & Ace Boiler, dba Cancilla
Buyer Agent: Collins Commercial Corp.
Seller: SPS Technologies
Seller Agent: Grubb & Ellis
29947 AVENIDA DE LAS BANDERAS
Rancho Santa Margarita
300,000 sq. ft.
Property Type: Office/service center
Sale Price: $25.5 million
Buyer: Cox Communications
Buyer Agent: Cushman Realty
Seller: Bowers-Perez
Seller Agent: Seeley Co.-Irvine
16700 RED HILL AVE./1595 DEERE
Irvine
169,800 sq. ft.
Sale Price: $13.6 million
Buyer: Orthodyne
Buyer Agent: Cushman & Wakefield
Seller: Pfizer Inc.
Seller Agent: Cushman & Wakefield
Comment: Pfizer will lease back
BROOKHOLLOW EXPRESSWAY
30322 Esperanza
126,128 sq. ft.
Property Type: Warehouse/distribution
Sale Price: $9 million
Buyer: Star Furniture/Scanmark, Inc.
Seller: Connecticut General Life Insurance
Seller Agent: CB Richard Ellis
Comment: Star Furniture will occupy 45,433 sq. ft.
2400 S. GARNSEY ST.
117,000 sq. ft.
Sale Price: $5.8 million
Buyer: Burtin Corp.
Buyer Agent: CB Richard Ellis
Seller: AG Real Estate Funds
6363 REGIO AVE.
Buena Park
113,980 sq. ft.
Property Type: Manufacturing
Sale Price: $4,650,000
Buyer: Tawa Foods
Buyer Agent: Seeley Co.
Seller: Arthur Kazarian
2200 McFADDEN AVE.
Santa Ana
108,000 sq. ft.
Property Type: High technology
Sale Price: $7.3 million
Buyer: Public Storage
Seller: Xerox Corp.
Seller Agent: CB Richard Ellis
FOOTHILL BUSINESS CENTER
10 Icon
Foothill Ranch
100,000 sq. ft.
Sale Price: $7.5 million
Buyer: Flo-jet
Buyer Agent: Voit Commercial
Seller: ProLogis
Comment: New construction
CYPRESS CORPORATE PARK
5400 Cerritos Ave.
Cypress
95,395 sq. ft.
Property Type: Warehouse/distribution
Buyer: Ushio America
Buyer Agent: Capital Commercial Real Estate-NAI
Seller: Ewing Investments
Seller Agent: Grubb & Ellis
INVESTMENT SALES
1300 BEACH BLVD.
La Habra
$29.5 million
Square Feet: 533,069
Buyer: Interstate Consolidated Industries
Seller: Chevron
Comment: Industrial site may be rezoned and developed as retail
SCRIPPS CENTER
2955-2995 Red Hill Ave.
Costa Mesa
$28 million
Square Feet: 230,196
Buyer: Scripps Red Hill Associates/IDS
Buyer Agent: None
Seller: ASP Holdings
Seller Agent: Cushman & Wakefield
500 SUPERIOR AVE.
Newport Beach
$23 million
Property Type: High technology
Square Feet: 415,000
Buyer: St. Clair Co.
Seller: Hughes Aircraft/Raytheon
Seller Agent: Cushman Realty
AST/SOUTHPARK
17665 Newhope St.
Fountain Valley
$21.5 million
Square Feet: 246,232
Buyer: 17665 Newhope Mfg.
Buyer Agent: Lee & Associates
Seller: Sakioka Farms
Seller Agent: CB Richard Ellis
ORANGEWOOD STADIUM
BUSINESS PARK
2130-2240 Dupont St.
Anaheim
Property Type: Manufacturing
Square Feet: 374,380
Buyer: RREEF
Buyer Agent: Cushman & Wakefield
Seller: Westbrook
1515 WINSTON ROAD
$14.2 million
Square Feet: 375,000
Buyer: Winston Road Realty Holding
Buyer Agent: CB Richard Ellis
Seller: Intermodal Terminal, Inc.
5911 FRESCA DRIVE
La Palma
$12.2 million
Property Type: Warehouse/distribution
Square Feet: 294,860
Buyer: Goldrich & Kest Industries
Seller: Neupalma Co.
Seller Agent: Trammell Crow Co.
MacARTHUR CORPORATE PLAZA
17701 Cowan
$12 million
Property Type: High technology
Square Feet: 91,404
Buyer: Menlo Equities
Buyer Agent: Lee & Associates
Seller: Shidler
Seller Agent: Lee & Associates
5555 McFADDEN AVE.
Huntington Beach
$9.7 million
Square Feet: 265,099
Buyer: WCC Phase II Realty Holding
Seller: Masco Building Products Corp.
Seller Agent: CB Richard Ellis
