Commercial Properties Go Residential in
Anaheim, Fullerton
COMMERCIAL
Who says there’s no activity in the North County? Overton Moore Properties might argue, considering it has announced plans for the development of The Com-merceCentre@Buena Park. The $90 million business park will rest at the site of the former Lucky Stores Distribution Center.
Overton Moore plans to convert the 55-acre parcel it purchased from Albertson’s Inc. into a 1,365,000-square-foot distribution center. The business park will be a mix of renovated existing buildings and new construction, with early specs calling for office space, warehousing and cold-storage facilities. Three existing buildings range in size from 90,000 square feet to 700,000-plus square feet, while five new buildings are on tap for construction, to range from 34,000 square feet to 90,000 square feet.
Jerry N. Gillman and Steve Calhoun, senior vice presidents at Colliers Seeley Inc., represented Overton Moore in the deal.
“We’re going to be primarily targeting general industrial users engaged in light manufacturing or operations and logistics firms involved in warehousing, shipping and distribution.” Gillman said. Because the project will have a major cold-storage capability, Art Rasmussen and Daniel Norrie with the CB Richard Ellis Food Facilities Group will handle the marketing, specifically to solicit the food industry, he said.
Bounded by Knott Avenue on the east, Fullerton Creek on the north and Caballero Boulevard to the west and south, the site offers access to the Santa Ana (I-5), Riverside (91) and San Gabriel River (605) freeways.
“It’s truly the bull’s-eye business location in Southern California,right on the dividing line between Los Angeles and Orange counties,” added Stan Moore, CEO of Overton Moore.
In another Buena Park venture, Northland/Marquette Capital Group Inc. agreed to $17 million in permanent financing through Metropolitan Life Insurance Co. for the industrial buildings at Knott Avenue, Cate Drive and Rostrata Avenue in Buena Park. A national real estate investment banker, Northland/Marquette will finance five single-story, tilt-up industrial buildings totaling 542,368 square feet on 25 acres. The buildings are a mix of warehouse distribution centers and light industrial operations.
Michael Elmore, senior vice president in Northland/Marquette’s LA office, arranged the financing.
Daylight Savings
With the energy crunch upon us, Solatube International Inc., originator of the tubular skylight, picked a good time to launch its commercial division, SolaMaster Series.
The Australian-based company with an office in Vista points to the product’s energy-saving capabilities. According to the company, Lockheed Martin’s Sunnyvale facility reported a $500,000 energy savings after “daylighting” its workspace.
Deals
Dynasty Memory purchased a 30,342-square-foot, build-to-suit in Santa Ana. David Desper of CB Richard Ellis’ Newport Beach office represented the seller, Ewing Enterprises, with Jonathan Ton of D.T. Ton & Associates representing Dynasty the in the $3.1 million deal.
Representatives of Grubb & Ellis Company’s Newport Beach office brokered a deal for Chino Spectrum Market Place. Tenants of the 473,585-square-foot retail center include TJ Mazz ‘N’ More, Ross, Food-4-Less, The Good Guys, Staples and Michaels. Michael Randall and Dixie Walker, senior vice presidents with Grubb & Ellis, represented both Principal Capital of Des Moines, Iowa, and the purchaser, a private offshore investor. Terms of the deal were not disclosed.
RESIDENTIAL
Two projects have seen themselves evolve from commercial to residential developments.
In the first, Voit Commercial Brokerage represented Polygon Development in the sale of 16 acres in Anaheim to Olson Urban Housing LLC.
“Polygon was considering offers from developers who wanted to build an office park at the site, but the company felt a residential development would be more consistent with the area and with what local residents wanted,” said Louis Tomaselli who, along with Mitch Zehner of Voit’s Anaheim Metro office and David Alderman of Voit’s Irvine office, completed the $7.9 million transaction. Olson Urban Housing represented itself in the deal. According to Tomaselli, Olson intends to develop single-family homes on the property.
In another development, the Fullerton City Council approved Morgan Group Inc.’s plan to develop a proposed 4,000-square-foot site in the city’s central business district. Project plans include 183 apartments and approximately 1,700-square-feet of commercial space.
Gary Chalupsky, the city’s director of redevelopment and economic development, defined the project as a major residential project with incidental commercial elements.
The apartment complex will feature one- and two-bedroom units at 669 square feet to 1,152 square feet. Rents will start at $1,160 per month.
Though Fullerton residents voiced their support of the project, Chalupsky said it could face opposition until parking issues are resolved. Project specs show 259 subterranean parking slots, with 168 grade-level spaces.
Chalupsky expects the project will break ground within six months with a 14-month construction period.
