COMMERCIAL
Continuing the expansion of its Western U.S. operations, New York-based Insig-nia/ESG Inc. has launched a brokerage office in Newport Beach.
“It’s part of our phased approach to be present in all the tier one markets on the West Coast,” said Robert K. Shibuya, executive vice president with Insignia/ESG.
“The trend in development and in tenant migration has been southward. We see huge opportunities for Insignia/ESG in Orange County,” he said.
The new office, at 4695 MacArthur Blvd., will have eight brokers. Other service units in the office include the capital advisors group, an investment banking entity of Insignia/ESG, and its hotel partners division.
The senior brokers at the Newport Beach office include managing director Kevin Bender and associate Justin Hodgdon, who will work with Los Angeles-based brokers Stephen L. Bay (executive managing director) and Clay Hammerstein (senior managing director).
Brian Corrigan, who moved over from Voit Commercial Brokerage, will lead the capital advisors group. Harry Pflueger and Jack Carr head the hotel partners unit.
Previously, Insignia/ESG has handled transactions in the Orange County market from its LA office.
In 2000, it closed deals on an 80,000-square-foot office lease for American International Group; a 100,000-square-foot lease for advertising firm FCB Worldwide’s West Coast headquarters; and a 230,000-square-foot office lease for telecom manufacturer Global Center in Irvine.
Among the company’s Orange County clients are Westec Security (now Clearlight Partners), Right Management LLC and Walt Disney Co.
Birtcher Picks Up Miramar Space
Trade Street Plaza Associates, Delaware LLC,an investment joint venture of Laguna Niguel-based Birtcher Properties and New York-based Praedium Group LP,paid $10.1 million for Trade Street Plaza in Miramar.
The three-story, 102,673-square-foot office building was acquired from HG Fenton Co.
The 4.38-acre property is 98% leased and includes Time Warner, Transwestern Publishing, IVID Communications, and the San Diego Safety Council among its major tenants.
“This purchase is an exciting addition to our portfolio of suburban office and multi-tenant industrial product in high-demand areas of California. Specifically, this represents the fifth office project we have acquired in San Diego during the past two years,” said Bob Anderson, president and co-chairman of Birtcher Real Estate Group. “Trade Street Plaza is situated in a prime market that will see substantial expansion by virtue of the planned extension of Camino Santa Fe to connect the Miramar and Sorrento Mesa markets.”
The Trade Street Plaza acquisition falls in line with Birtcher’s effort to grow its portfolio. In the past two years, Birtcher has completed 11 acquisitions totaling more than 1.6 million square feet of office and industrial space.
Birtcher also has formed Birtcher Arizona LLC and acquired 1.2 million square feet in property management contracts in Phoenix through its acquisition of Marathon Management.
Randy LaChance and Chris Loughridge of Voit Commercial Brokerage in San Diego represented all parties in the deal. Birtcher Property Services will provide asset and property management as well as leasing on the project.
Bits and Pieces:
Tustin-based Coreland Carlson, a full-service commercial real estate company, has opened a leasing office in Sherman Oaks to handle the LA market Costa Mesa-based Andrew L. Youngquist Construction Inc. completed construction on the 178-unit, $12.5 million Meadow Glen Apartments in Sacramento Ware & Malcomb Architects Inc. has a new name. The Irvine-based firm is now, simply, Ware Malcomb Santa Ana-based engineering firm Hall & Foreman Inc. has acquired PACE Engineering Inc. of Chatsworth. PACE will adopt the Hall & Foreman name. With the addition of PACE, Hall & Foreman now has offices in Santa Ana, Chatsworth and Upland.
RESIDENTIAL
Charles Dunn Co.’s Orange County office closed on two multi-family property deals totaling more than $25 million.
In the first transaction, Steadfast Properties purchased a 252-unit complex in Oxnard for $20.5 million from Los Angeles-based Holiday Manor Ltd.
Peter M. Hauser, senior director of multi-family housing with Charles Dunn represented Steadfast in the deal. Holiday Manor was represented in-house.
In the second deal, Steadfast acquired Cielo Vista Apartments, a 112-unit complex in Indio. Hauser represented Steadfast and the seller, a private investor, in that deal.
“As office and retail investment activity continues to level off, multi-family housing has become a factored product type among individual, private and institutional investors, as well as major REITS,” Hauser said.
