Entridia Moves Into Research Park; CT Picks Up Sea Pointe Villas
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As a new year winds through its first month, brokers around the county are reporting plenty of tire-kicking.
Central and northern submarkets appear to be particularly active. Some large portfolios are due to come to market in the next several months in those areas.
In South Orange County, several big technology-related users have been knocking on doors searching for new lease deals.
But real estate pros in the area haven’t been confining themselves to working transactions around here. Business has been good elsewhere and CB Richard Ellis’ Bob Goodmanson has been taking advantage of the boom times. The real estate veteran has already helped close three significant lease deals.
In Rancho Dominguez, Goodmanson worked with CB Richard Ellis colleague Brad Beirbaum to represent both parties in HomeGrocer.com’s 10-year lease of a 116,488-square-foot warehouse. HomeGrocer, of course, last fall moved into the Orange County market. It faces new competition in the area from Webvan, which is poking around trying to find a suitable distribution facility to enter the local market.
Goodmanson and Bierbaum, who work from CB Richard Ellis’ Anaheim office, also teamed to represent HomeGrocer in a deal to lease 114,114 square feet in Azusa. The owner of the building is TA & Associates of Newport Beach.
“They (HomeGrocer) have been very active in the Southern Californian market,” said Goodmanson. “They are looking for more properties as well.”
He also teamed with Ian Britton and Bill Welsh of CB Richard Ellis in Anaheim to represent Hedman Hedders in a $5 million purchase of 100,000 square feet of warehouse and distribution space in Whittier.
Elizabeth Hughes of Lee & Associates of Santa Ana represented the seller, Cohen Trust.
The auto-parts manufacturer will use the space as a distribution and production facility.
“The location has a great layout for their operations,” said Goodmanson.
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Two Los Angeles County investors recently completed a deal in Orange County.
Hassan Kheradmandan purchased a 35,330-square-foot medical and dental office building at 18800 Main St. in Huntington Beach for $2.4 million. The seller was Mei Ho, who had owned the two-story office complex for three years.
“She was looking to liquidate her assets in Orange County,” said Rod Apodaca, vice president of Sperry Van Ness in Irvine, who represented Ho.
Apodaca said the buyer was attracted to the building, which has 17 tenants, by its relatively low price of $68 a square foot and potential for greater rental returns.
“It has some upside potential in rents,” he said. “The rates currently being charged are slightly below what is being charged in the market now.”
Network hardware manufacturer Entridia has moved its corporate headquarters to 131 Theory in The Irvine Company’s University Research Park. The five-year deal is valued at $1.3 million. Entridia used to lease space in Executive Park, which also is in Irvine.
“They started out leasing about 3,000 square feet of space about three years ago,” said Mike Hodges, leasing director for the Irvine Co.’s industrial division. “Now, they’re up to 12,000 square feet.”
He added that Entridia plans to double its new space by the end of this year.
“We just tilted eight new buildings in University Research Park, so there’s plenty of room for more growth on their part,” Hodges said.
The new tilt-ups should be ready for occupancy by end of the summer, he added. They total 400,000 square feet.
“We’ve built two and four at a time, but never this many all at once in the research park,” said Hodges.
Of the 748,559 square feet completed in 14 buildings, the park is more than 90% leased now.
RESIDENTIAL
CT Realty Corp. of Newport Beach has purchased the 72-unit Sea Pointe Villas in Costa Mesa for $7.9 million. The seller of the property was Los Alisos Development Co., also of Newport Beach.
Sea Pointe is a luxury apartment complex at 1380 Village Way near Harbor Boulevard and Orange Coast College.
Raymond Polverini, vice president of multi-family properties for CT Realty, said his company was attracted by the apartment’s overall appearance and “upscale condominium community” ambiance as well as its location.
CT Realty plans to renovate part of the property, including new landscaping and upgrading interiors.
CT Realty represented itself in the deal while Tony Gleason and Dave Travis of Voit Commercial’s Irvine office handled brokering duties for Los Alisos Development.
With the Sea Pointe Villas acquisition, CT Realty now has multi-family holdings totaling 2,735 units in Southern California.
Arnold Beckman to Receive Award
Dr. Arnold Beckman, founder of Beckman Instruments, now Beckman Coulter Inc., will receive a lifetime achievement award from the Forum for Corporate Directors.
The Forum for Corporate Directors, an organization that promotes corporate governance and leadership through educational programs and services, will present the award to Beckman at its fifth annual Director of the Year awards on Feb. 23 at the Four Seasons Hotel Newport Beach.
Other award recipients will be: Don Beall, former chairman and CEO of Rockwell International; David Berkus, founder and president of Berkus Technology Ventures; William Drobish, president of ASSET Inter-Tech and Kofax Image Products; Michael Henson, president, CEO and chairman of Radiance Medical Systems; Carol Miltner, founding board member of QLogic; and Ted Smith, chairman of FileNet.
Individual tickets are $125; tables of 10 are available for $1,000. The reservation deadline is Feb. 18; call (714) 771-3404.
