Meyers Group Brings Residential Property Data to the Web
Thanks to higher interest rates, building in Orange County is slowing but shows no signs of stopping any time soon, particularly when it comes to commercial development.
Contracts for future residential and commercial construction in the county grew 8% to $375 million in May from the same period last year, according to The McGraw-Hill Cos.
Activity among commercial developers in May was brisk. They are continuing to make plans for future activity, with awarded contracts for work totaling $161.8 million, a 19% jump from the $135.9 million recorded during May 1999.
But on the residential side, it looks like higher interest rates are finally slowing things down locally. Contracts awarded for future residential work totaled $213.2 million in May, up just slightly from the $212.6 million from a year ago.
For the five months ended in May, the numbers indicate OC activity lagging the same period in 1999. Contracts awarded through the first five months totaled $1.4 billion, down 11% from the $1.6 billion awarded through May 1999. Unlike the May totals, year-to-date figures show nonresidential activity down 27% to $568.9 million through the first five months, while residential contracts were up 5%, to $861 million.
COMMERCIAL
The Katella Corporate Center in Los Alamitos has won the Office Building of the Year Award, or TOBY, from the Building Owners and Managers Association for the Under 100,000-Square-Foot Category.
The two-story, 80,000-square-foot project was built in 1982 and is owned by Washington, D.C.-based CarrAmerica Realty Corp., which acquired it in July 1996. The building features lush landscaping, a central courtyard, elevator and proximity to restaurants and shopping.
The TOBY program was established in 1985. Judging is based upon an on-site building tour and inspection. Buildings are graded on seven categories: community involvement, tenant-employee relations, building standards, energy management systems and procedures, building accessibility, emergency evacuation procedures and training for building personnel.
Deals:
Star Custom Industry Inc. has signed a 62-month, $1.1 million lease for 62,1140 square feet of industrial space at 1655 W. Sixth St. in Corona. Star Custom has already occupied the building. Steve Sprenger of Grubb & Ellis’ Anaheim office and Randy Coe of the Seeley Co. represented Star, while Steve Palmer, Kevin McCarthy and David Wheeler of Majestic Realty Co. represented the landlord, SCC Properties of the city of Industry Colletta Core Co. has purchased a 15,005-square-foot industrial building in Buena Park for $1 million. The reconditioner and distributor of axle cores has been a tenant at the 6301 Orangethorpe Ave. building for the past three years. Steve Sprenger and Rick Hill of Grubb & Ellis’ Anaheim office represented Colletta, while Ed Smith of Matlow-Kennedy represented the seller, Pioneer Electronics USA Irvine computer company Pick Systems Inc. has signed a five-year, $3.7 million lease for 44,750 square feet of space at 17500 and 17570 Cartwright Road in Irvine. Dick Meyer of ITC Real Estate Group represented Pick Systems, while John Griffin and Trent Walker of Voit Commercial Brokerage’s Irvine office represented the landlord, Pacific Gulf Properties Kraemer Place LLC has purchased the 55,641-square-foot La Palma/Kraemer Business Park at 3020-3036 E. La Palma Ave. in Anaheim for $3.07 million from Newport Beach-based CT Realty Group. Johnny Eubanks of Lee & Associates’ Orange office represented, while Carol Springstead of Voit Commercial Brokerage represented the buyer Irvine-based CIP Real Estate has purchased the 214,354-square-foot Mountain View Commerce Center in Chino for $11.4 million from Legacy Partners Commercial. Jerry Nourse and Bob Smith of CB Richard Ellis in Newport Beach and Ken Anderson of Collins Commercial’s Ontario office represented Legacy Partners Commercial. CIP Real Estate represented itself. A partnership including Dunlap Real Estate Investments paid $2.65 million for a single-story 36-unit apartment complex at 1712-1726 Nisson Road, Tustin, from the Wilk Family Trust. Gary Tolfa of Investment Property Group represented the trust in the transaction.
RESIDENTIAL
Irvine-based The Meyers Group, which has spent the past couple of years acquiring residential data providers across the country, is making a lot of that information available on the Web.
The company has launched www.meyersgroup.com, which will give visitors to the site the ability to search for information on more than 1.9 million new homes and more than 20,000 subdivisions across the country.
The site features three areas: housing information, housing analysis and “My Markets,” which allows registered users to monitor housing market conditions in their markets.
“We’ve combined the power of our proprietary databases with the market knowledge of our local information collectors and the analytical abilities of our consultants,” said John Burns, a principal with Meyers Group who oversees the Online Housing Group.
