Koll Bren Schreiber Buys Kilroy Center; Ladera Reports 303 Sales
COMMERCIAL
Koll Development, which has been an active player in Oregon, is planning its first foray into the state’s retail marketplace.
The Newport Beach-based company is moving forward with development of the 470,000-square-foot Wood Village Town Center in the suburban Portland area.
The $50 million complex, which will go on 50 acres, has signed Fred Meyer and Lowe’s Home Improvement Warehouse to help anchor Wood Village Town Center, 12 miles east of downtown Portland.
Construction is expected to begin in April, and the shopping center is scheduled to open around March 2001.
“This project lies at the heart of one of Oregon’s primary residential growth areas and is the largest center of its kind planned for the east metro area,” said Clark Wardle, partner and vice president at Koll.
Besides Wood Village Town Center, Koll has developed several other projects in Oregon, including Nike’s headquarters in Beaverton and business parks in Beaverton, Tigard and Woodside.
Koll has nearly 2 million square feet of retail projects under development throughout the Western U.S.
Other such projects being worked on by Koll include: Desert Palms, a 500,000-square-foot power center in Phoenix; Cabrillo Marina, a 135,000-square-foot marina redevelopment within the Port of Los Angeles; Jefferson Marketplace, a 140,000-square-foot neighborhood center south of Denver; and Flatiron Marketplace, a 450,000-square-foot, retail, restaurant and hospitality development in Broomfield, Colo.
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If you’ve kept up with this column over the past several months, you know one of the major developments we’ve been tracking has been The Plantation, a 71-acre masterplanned business park in the City of Commerce.
Koll developed the recently completed project and has now sold the final four buildings in the park for $45 million to the Irvine-based Sares-Regis Group.
Clyde Stauff of the Seeley Company in Irvine, along with colleagues Steve Bellitti and Thomas Taylor, helped broker the deal and are marketing The Plantation.
The concrete tilt-up buildings total 858,243 square feet and will add nicely to an ever-growing industrial portfolio in Southern California for Sares-Regis.
A partnership of local investors has sold the Upland Technology Center in Riverside County for $6.4 million, or about $35.28 a square foot, to GTI Investments of Beverly Hills.
GTI is a partnership that buys real estate holdings for investment purposes. Its partners are several well-known members of the entertainment industry, according to sources.
Upland Technology Center includes two main buildings with six tenants. It consists of 181,400 square feet of fully leased industrial buildings on 9.5 acres in Upland.
“There’s a lot of raw land in that area,” said Tom Stroud of Collins Commercial Corp. in Newport Beach.
Along with Biff Smith, also of Collins Commercial’s Newport Beach office, Stroud worked with Ken Andersen and Rick John of the company’s Ontario branch office to broker the deal.
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Five office properties totaling 114,816 square feet in Anaheim have been purchased by Koll Bren Schreiber Realty Advisors for $8 million, which works out to about $63.65 a square foot.
The deal for what has been known as the Kilroy Business Center came as part of Kilroy Realty Corp.’s churning of its portfolio announced last year. The buildings, according to Alan Pekarcik of Voit Commercial Brokerage in Irvine, were sold to make room for new investments by the REIT.
Pekarcik helped represent both parties in the transaction, along with Voit’s Tyson Theel, Mike Hefner and Jack Faris.
The business center is just west of Huntington Beach Mall. It is more than 90% occupied.
“We bought it for one of our separate account clients as an investment,” said Jeannette Poe, vice president of investor development for the Newport Beach-based KBS. “It fit the profile of what we were looking for.”
RESIDENTIAL
Ladera Ranch, one of the largest residential developments to open in Orange County last year, has generated 303 sales so far.
“We still have a ways to go in the first village,” said Diane Gaynor, a spokeswoman for the project. “But we consider that total (303) to be really good considering we didn’t start the actual sales process until Aug. 7.”
The 303 figure, includes the reservations of buyers just starting the escrow process as well as closed deals, she added.
A total of 962 homes are set to be sold as part of the initial village at Ladera, which opened to the public last summer and drew more than 22,000 home shoppers during the first weekend that models were shown.
Gaynor said developers of the masterplanned community, which has some 4,000 acres available for homebuilding, expect to close marketing activities on the initial 962 homes by the end of this year.
“The response has been phenomenal,” said Gaynor. “The next phases of development will probably come online in the fourth quarter.”
