COMMERCIAL
In August, I wrote a cover story about Anaheim-based Pacific Sunwear of California Inc.’s impending sale of its distribution center next to its headquarters.
The 300,000-square-foot sale,the largest industrial deal in North Orange County this year by square footage,recently closed, but at a slightly lower price than I first reported.
Pacific Sunwear said in a statement it received $24.5 million from the sale to Sacramento’s Panattoni Development Co. and financial partner ING Clarion.
That’s down about $1.5 million from what the retailer had been hoping to get from the sale, but unsurprising considering the downturn seen in the commercial real estate market this year.
The building had been initially listed for sale at $39 million, according to brokers.
Pacific Sunwear’s former warehouse includes about 30,000 square feet of office space and is near the 61 acres of offices and land that Panattoni bought last year from Boeing Co.
The distribution center will be incorporated into the Anaheim Concourse, Panattoni’s 75-acre redevelopment project in the heart of the Anaheim Canyon business corridor.
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3454 E. Miraloma Ave.: Pacific Sunwear sold building to Panattoni |
The deal’s still a good one for Pacific Sunwear, even at a lower price. Analysts last month were raising questions about the struggling retailer’s cash position and financial health, especially if the sale didn’t go through.
Pacific Sunwear announced plans early in the year to sell the building and move all of its distribution to Olathe, Kan., where it has 400,000 square feet of space.
As part of the sale, Panattoni completed a subdivision for the 19-acre parcel, which separates the warehouse from PacSun’s 180,000-square-foot headquarters building next door. The retailer still owns its headquarters, along with an undeveloped parcel of land next to the building.
Brad Bierbaum and Ian Britton, from the Anaheim office of CB Richard Ellis Group Inc. represented Panattoni in the sale. They are marketing the building for lease. The property’s being marketed at monthly rents of 69 cents per square foot.
Long-Timers Promoted
Six of the longest-tenured brokers at Voit Commercial Brokerage LP’s OC offices have new titles.
Voit promoted six local brokers,John Griffin, Mike Hefner, Al Pekarcik, Rob Socci, Louis Tomaselli and Mitch Zehner,to executive vice presidents, a title the company did not have before.
Each of the brokers has been with Voit since its inception 20 years ago. As a combined total, they’ve been involved in more than $13.5 billion in deals at Voit.
The six “are positive role models for the industry and I am proud to say they have played a strong part in making this brokerage firm what it is today,” said Robert Voit, president of The Voit Cos., in a statement.
Griffin and Pekarcik are in Voit’s Irvine office, while Hefner, Socci, Tomaselli and Zehner are in the company’s Anaheim Metro office.
Sperry’s Recovery Team
Irvine-based brokerage Sperry Van Ness is starting an asset recovery team to help government agencies, lenders and servicers reposition and dispose of distressed real estate assets including loans, portfolios and individual buildings.
The group counts about 20 team members across the country; local efforts will be headed up by Bob Osbrink, president of Sperry Van Ness’ Southern California, Arizona and Oregon offices.
Corona Completion
A pair of Irvine companies was behind the completion of one of Corona’s newer offices.
Builder Snyder Langston of Irvine said it headed up construction of a six-story, 160,000-square-foot office along Temescal Canyon Road in Corona. It’s the first of three buildings built at Lakeshore Plaza, where 473,000 square feet of office space is planned.
The office campus is part of Dos Lagos, a 534-acre masterplanned community that runs along Interstate 15. The first building there broke ground in early 2007.
Irvine-based Timberline Commercial Real Estate is the office project’s developer, in partnership with the Dos Lagos master developer, Corona-based SE Corp. The architect for the property is Los Angeles-based Ronald Frink Architects Inc.
