Panattoni Buys Thousand Oaks Land for Industrial Space
Newport Office Complex Gets New Name; CB Marketing Long Beach Apartments
REAL ESTATE
by Daniel D. Williams
The Irvine office of Sacramento-based Panattoni Development Co. has snapped up the last six acres at the 100-acre Conejo Spectrum in Thousand Oaks with plans to add more than 100,000 square feet of industrial space.
Panattoni plans to build two buildings at the site,one 75,000 square feet and the other 35,000 square feet,according to Jeff Phelan, a partner at the company’s Irvine office. Building is set to start during the fourth quarter and finish in the first quarter.
“The property is situated in the prime business park within a strong market with a pent-up demand for the kind of product we are planning,” Phelan said.
The project’s value is pegged at $10 million.
Conejo Spectrum is a project of Conejo Spectrum Building Associates LLC with Investment Development Services Inc. serving as the development manager. The business park counts Baxter International Inc., Teradyne Inc. and Intel Corp. as tenants.
John DeGrinis of the Encino office of Colliers Seeley International Inc. represented Panattoni in the land buy. Ken Ashen and Nick Gregg of Investment Development Services represented the owner.
Complex Gets New Look, Name
Newport Corporate Plaza is the new name for The Koll Limited Edition Office Complex on Von Karman Avenue between Campus Drive and Birch Street in Newport Beach.
The complex is made up of 24 single-story office buildings built between 1980 and 1982 by The Koll Company.
“We have been planning these upgrades for the past 18 months and have received tremendous positive support from our owners and occupants,” said Barry Saywitz, president of the Newport Corporate Plaza Association. “Our goal is to provide the highest quality of work atmosphere and increase the property value and image of the complex.”
Tenants include The Saywitz Company, NAI Capital Commercial Real Estate and PSG Property Management. The complex also houses the law firm of Good, Wildman, Heggess & Walley, The William Lyon Company and Econo Lube n’ Tune’s corporate headquarters.
RESIDENTIAL
CB Marketing Bixby Gardens
The 38-unit Bixby Gardens apartments at 1215 E. San Antonio Drive in Long Beach’s Bixby Knolls neighborhood are up for sale.
The project’s developer and owner Burbank-based Chandler Partners has tapped the Orange County apartment division of CB Richard Ellis Services Inc. to market the property. Chandler developed the Bixby Gardens for roughly $4.5 million.
Building on the apartments started in early 2001 when Bethesda, Md.-based mortgage lender AMI Capital Inc. provided a $3.7 million construction loan. So far, 12 of the 38 units are leased.
“Our marketing campaign will focus on exposing the development to qualified buyers looking to acquire class A properties in a strong rental market,” said Steve Heri, first vice president with CB Richard Ellis’ Multi-Housing group.
According to Heri, Bixby Gardens stands out as a new apartment complex in Long Beach, where few apartments have been developed in the past decade.
“The community is long overdue a project of this quality and caliber,” he said.
Summer Opening for Quail Hill
Quail Hill, the latest residential community on the Irvine Ranch, is set to open this summer.
The Village of Quail Hill is set to include 1,400 homes grouped in 13 neighborhoods, plus roughly 1,300 apartments.
Home prices should range from the high $200,000s to more than $700,000.
The development includes a public open space, a retail plaza, a fire station, a research and industrial park, a planned community park and four neighborhood parks with hiking, biking and equestrian trails.
Quail Hill is next to more than 7,000 acres of open space at Laguna Coast Wilderness Park and Crystal Cove State Park.
