The Irvine office and warehouse that served as the headquarters for athletic shoemaker American Sporting Goods Corp. could wind up being redeveloped as office and industrial space instead of condominiums.
As recently as this month, the site was slated to become homes, part of a wave of condo development in the area around John Wayne Airport.
American Sporting Goods is moving from the site, sending its warehouse operations to Fontana and its offices to Aliso Viejo. The company is looking to be acquired.
Developer Hines Interests LP of Houston and Newport Beach-based real estate investment bank Buchanan Street Partners bought the 2323 Main St. site this week for an undisclosed price.
The 260,000-square-foot office and warehouse will be renovated in the next year and marketed to companies seeking a combination of low-rise office and warehouse space, said Douglas Holte, Western regional partner for Hines.
It is the third big Irvine acquisition that Hines has been involved in recently. Hines bought 15.7 acres of property facing Michelson Drive at the intersection with Jamboree Road in two separate purchases, including a deal for St. John Knits International Inc.’s clothing factory last month.
Redevelopment of the St. John site isn’t expected for another five years, when the clothing maker’s lease expires.
Together with its 2211 Michelson high-rise office tower, Hines now has holdings in Irvine capable of supporting 1.2 million square feet of new or renovated commercial space, Holte said.
The Main Street site has been the center of attention as of late.
Irvine-based Standard Pacific Corp. had planned to build five condo buildings with 444 homes at the10-acre site at the corner of Main Street and Von Karman Avenue. City approval for the project was given this summer.
Drug maker Allergan Inc., one of the biggest businesses in the area, and Deft Inc., a maker of finishes and coatings, sued Standard Pacific and the city shortly after the approval was given, to try and halt development at the site.
Newport Beach and Tustin joined the litigation over 2323 Main St., out of concern for increased traffic and environmental issues stemming from the condo development.
The Business Journal reported that Standard Pacific backed out its plans to buy the site earlier this month, as home sales in the area began showing softness.
The resulting sale to Buchanan Street and Hines could end litigation over the property.
David Whitney, senior vice president for the Newport Beach-based office of Lee & Associates, represented Hines and Buchanan Street in the transaction. Tim Strader Jr. of Irvine-based Starpointe Ventures represented the seller, a private party.
