Wohl Revamping Costa Mesa Center; MBK Buys in Yorba Linda
COMMERCIAL
The 187,000-square-foot Cerritos Corporate Tower has sold to Makar Properties LLC for an undisclosed amount. The Newport Beach-based real estate development and holding company purchased the nine-story high-rise building from the Krausz family of San Francisco.
Rob Mitchell and Peter Castleton of Voit Commercial Brokerage’s Anaheim Metro office represented both parties in the deal.
“This property is ideal for Makar, given its close location to some of Southern California’s major freeways and business hubs,” said Paul Makarechian, Makar’s chief executive. “Furthermore, the property has below-market leases in place, which will soon turn over. We believe that this provides an opportunity to realize significant upside.”
The building is 95% occupied.
Wohl Revamping Hillgren Square
Irvine-based Wohl Investment Co. has undertaken a $12 million rehab project in Costa Mesa. Formerly known as Hillgren Square, the 60,000 square feet of retail space on 17th Street and Santa Ana Avenue will be known as 17th Street Promenade upon completion in October.
“We saw the opportunity to maximize the property’s potential by remodeling and repositioning what is a vibrant, upscale location,” said Peter Desforges, president of Wohl.
Located across the street from Mother’s Market and Staples, 17th Street Promenade plans to look for “unique, high-quality stores” to fill available space, according to Desforges.
“Many stores will be local or regional rather than national chain stores that can be found in many communities,” Desforges said. “The overriding question to potential tenants will be: What makes the stores special?”
Irvine-based Architectural Team Three is set to handle the site’s “new look” while Oltmans Construction Co. of Whittier is the general contractor.
Lee & Associates Publishes Report
Irvine-based Lee & Associates has gone into the publishing business. Beginning this month, the real estate company will print a monthly Office Market Report for South Orange County. The areas included in the report are Aliso Viejo, Foothill Ranch, Irvine Spectrum, Mission Viejo, Rancho Santa Margarita, San Clemente and San Juan Capistrano. According to the initial report, vacancy rates in South County have continued to increase. Vacancy rates have climbed from 7.92% in December to 12.44% in May. Net absorption reached a negative 371,716 square feet in May, due in part to the completion of the Town Centre office project in Laguna Woods. Also, asking rental rates dropped from a high of $2.35 in April to $2.30 in May.
BIA Debuts Job Site
Another real estate entity is spreading its media wings. The California Building Industry Association has launched www.cbiajobs.com, a job-placement site dedicated to California’s building industry. The association has partnered with Costa Mesa-based Strategic HR in developing the job site.
“Cbiajobs.com was established with one goal in mind,to allow employers and job seekers to find each other quickly and easily,” said Robert Rivinius, the association’s chief executive. “This site answers the building industry’s need to put employers and job seekers together at a time when the supply and demand for positions and qualified employees seem to be heading in opposite directions.”
Winning With Dispatch
At the recent Ernst & Young Entrepreneur of the Year awards banquet, held at the Marconi Automotive Museum in Tustin, Bruce Degler and Kim Pugmire of Fontana-based Dispatch Transportation Inc. won in the category of Real Estate & Construction Services.
RESIDENTIAL
Irvine-based MBK Homes Ltd. has purchased 18.4 acres in the Vista Del Verde planned community in Yorba Linda for an undisclosed amount.
“The acquisition of the Vista Del Verde property represents another step forward in MBK Homes’ expansion strategy and our commitment to the Orange County market,” said Stefan Markowitz, MBK Homes president.
MBK purchased the site from Vista Del Verde LP and plans to build 77 single-family homes, ranging from 2,300 square feet to 2,900 square feet.
