A couple of small-buildings-for-sale projects recently sold out,a sign demand still is strong despite rising interest rates.
Voit Development Co. recently sold the last of its 19 industrial buildings and condominiums planned for the former campus of furniture maker Steelcase Inc. in Tustin. Taken together, buyers paid about $39 million.
Tustin Gateway Business Park totals 266,865 square feet at Warner and Bell avenues.
“The rapid sale of all the buildings at Tustin Gateway speaks to the continued demand for small to midsize industrial space,” said James Camp, senior vice president with Voit, in a statement.
Steelcase moved local operations to Industry in 2002, selling its 1 million-square-foot campus to Voit.
In another project, Newport Beach-based CT Realty Corp. has built and sold all of its buildings at CentrePointe office park in Mission Viejo. The eight buildings sold for $13 million.
CentrePointe is on 7 acres of land on Acero Street within HighPark, a masterplanned business development on the corner of Alicia Parkway and Jeronimo Road.
CT’s buildings range from 4,600 square feet to 12,700 square feet.
As for Voit, it sold half the former Steelcase campus to Fresno-based Bedrosians, a tile and countertop maker, for $27 million, and developed the other half as small buildings.
Voit’s buildings range from 19,000 to 38,000 square feet. The project includes 13 industrial condominiums ranging in size from 3,900 to 8,200 square feet.
Jeff Mitchell and Trent Walker of Voit Commercial Brokerage LP’s Irvine office marketed the buildings. Art Smith of Voit Development oversaw the project management of Tustin Gateway.
A diverse mix of companies bought buildings. Some examples:
JAMM Investments LLC, a lighting company, bought a 30,702-square-foot building at 15774 Gateway Circle for $4 million. Dick Meyer of Beitler Commercial Realty represented the buyer.
SDG Motors acquired a 23,348-square-foot building at 15775 Gateway Circle for $2.9 million. JR Williamson of Nathan Howard Group represented the buyer.
Stream of Praise Music Ministries bought an 8,217-square-foot building at 1165 Warner Ave. for $1.6 million. Jack Faris of Voit Commercial Brokerage’s Irvine office represented the buyer.
Airport-Happy
Foster City-based Legacy Partners recently completed its second large buy since April in the commercial hub around John Wayne Airport.
The company earlier this month paid about $45 million for 229,000-square-foot Scripps Center in Costa Mesa. It renamed the complex Legacy Airport Center.
The price works out to a little less than $200 per square foot,a reflection that one of the three office buildings is vacant.
Legacy plans to remodel the empty building on Red Hill Avenue, according to Ted Tapfer, senior vice president with Legacy. Tapfer handles acquisitions in Orange and San Diego counties for the company.
Secured Funding Corp., a mortgage company, has its headquarters at the center. The other major tenant is General Electrical Capital Corp., the finance arm of Fairfield, Conn.-based General Electric Co.
Steve Silk, Jay Borzi, Stephen Somer and Todd Tydlaska in Secured Capital Corp.’s Los Angeles office represented the sellers, IDS Real Estate Group in Los Angeles and Kennedy Associates Inc. of Seattle.
In spring, Legacy paid $46 million to Adler Realty Investments Inc. for three office buildings in Irvine. They are at 1733 and 1833 Alton Parkway and 18551 Von Karman Blvd.
“We like the short- and long-term outlook (of the airport area),” said Legacy’s Tapfer. “All the fundamentals are improving.”
Plans are advancing for one of OC’s final coastal developments: Marblehead Coastal.
In April, I wrote Irvine-based SunCal Cos. was buying the 248-acre swath of empty land west of the San Diego (I-5) Freeway stretching to Pacific Coast Highway. SunCal paid $195 million for the land to a partnership of Oaktree Capital and Irvine’s Lusk Co.
SunCal’s plans have since become clearer.
The developer, which typically sells finished lots to homebuilders, plans 313 homes ranging from 2,875 to 5,625 square feet. Designs are set to include Spanish, Italian and coastal villa styles.
Model homes are set to open in spring 2007.
Half of Marblehead is expected to be parks and open space, including 4.1 miles of paths open to the public. The project also should include a hotel of up to 130 rooms.
SunCal has sold a portion of the property to Newport Beach-based Craig Realty Group.
Craig Realty plans to build a 600,000-square-foot outlet mall,the first such shopping center in the county. Plans also include a 14-screen movie theater and four restaurants.
Marblehead is one of three coastal projects set to be developed after years, even decades, of haggling with the California Coastal Commission and local cities. All of the developers had their plans for homes and other development cut back during that time.
The other two projects are 121-acre Dana Point Headlands and a 349-home project overlooking the Bolsa Chica Wetlands.
