The Irvine building that includes the local headquarters and a manufacturing facility for Kyocera Tycom Corp., a maker of tools for the circuit board industry, is set to undergo a big change.
The 63,225-square-foot building that’s been home to Kyocera Tycom for the past decade at 17862 Fitch Ave. was just sold for an undisclosed price to Newport Beach-based Koll Co. and the Public Employee Retirement System of Idaho, based in Boise.
The seller was WCRI LLC of Menlo Park.
Koll has big redevelopment plans for the 2.25-acre site, less than a mile from John Wayne Airport. That plan doesn’t include the building’s current tenant, which is preparing to move from that space and another office next door.
Longtime local developer Koll is planning to build an environmentally friendly, 40,000-square-foot office condominium project at the site, called the Airport Professional Center.
The project calls for the top story of the existing two-story building to be removed. The remaining first floor is set to be reconfigured into four to eight office condos for sale.
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Kyocera Tycom building: company seeking new space nearby |
Redevelopment of the building should begin in June, according to Scott Meserve, Koll’s development manager.
Kyocera Tycom is moving elsewhere in the area, said Dave Desper of CB Richard Ellis Group Inc.’s Newport Beach office, who is working with the tenant. No deal has been announced as of yet.
Dave Mudge and Jeff Ruscigno of Lee & Associates Commercial Real Estate Services Inc.’s Riverside office represented the buyer and seller in the Irvine building sale.
Burke’s $14M Brea Plans
Costa Mesa-based developer Burke Real Estate Group is set to kick off another office project targeting smaller users, this time in Brea.
The company’s latest project is Burke Puente Business Center, a 70,380-square-foot office/flex park. It’s on the northwest corner of Puente and Pioneer streets in Brea, near the Orange (57) Freeway and Imperial Highway.
The business center is set to include three, single-story buildings on nearly 4 acres. The buildings will include 18 office/flex condos, ranging in size from 2,613 square feet to 7,956 square feet.
The Newport Beach office of Chicago-based Wrightwood Capital provided nearly $14 million to finance the development. It’s the eighth project for Wrightwood Capital and Burke Real Estate.
Ice Cold Sale
Yorba Linda’s Bryant Ranch Shopping Center has traded hands, for $21.9 million.
First Duarte Bryant Ranch LLC, based in Diamond Bar, paid about $244 per square foot for the nearly 90,000-square-foot retail center, just off the Riverside (91) Freeway.
The shopping center, on 9.4 acres of land, is full, but it doesn’t have a typical anchor tenant. The Yorba Linda Ice Palace, home to ice skaters, hockey enthusiasts and Zamboni drivers, subleases space that used to hold a grocery store.
The ice rink’s sublease runs through 2015. The new owner likely will seek another tenant when the lease runs out.
Shaun Riley of Irvine-based brokerage Faris Lee Investments represented the seller, Newport Beach-based Bryant Ranch Partners. Stephanie Liang of Century 21 E-N Realty represented the buyer, who had assumed an existing loan on the shopping center.
The Yorba Linda property garnered 18 offers and sold at a 6.5% cap rate, according to Faris Lee.
Irvine’s Bascom Group LLC, which has been buying out-of-state apartments at a rapid clip recently, stayed local for its most recent deal.
It paid $15.8 million for Santa Ana’s Harbor Terrace Apartment complex on North Harbor Boulevard.
The 100-unit complex traded hands for $157,500 per apartment. The seller was Beverly Hills’ Donbev Prop II Ltd.
The loan for the buy was provided by Capmark Finance Inc. Bascom officials said the loan was completed in less than two weeks, after its initial conduit lender backed out due to the volatility in the debt markets.
Debt and equity financing was arranged by CBRE Melody’s Brian Eisendrath and Troy Tegeler, while the transaction was negotiated by John Walsh of Marcus & Millichap Real Estate Investment Services.
Harbor Terrace was built in 1988, and consists of three two-story buildings. The complex totals about 83,800 square feet spread over 2 acres. MacBeth Apartment Systems will be providing property management for the complex.
