Summit Sees Anaheim’s Stadium Gateway Full by First Quarter
Essex Lands Costa Mesa Management Deal; Bascom Pays $13M for Walnut Apartments
REAL ESTATE – Daniel D. Williams
COMMERCIAL
The developers of Stadium Gateway in Anaheim say they are close to adding more tenants to their 270,000-square-foot class A office building next to Edison International Field.
Ken White, a senior vice president with El Segundo-based Summit Commercial Properties Inc., declined to offer up names of any potential tenants. But he said brokers with Cushman & Wakefield Inc. are close to signing leases. Stadium Gateway has multiple deals in various stages of negotiations, according to White.
“We expect to be 70% to 75% leased by the end of the year and believe it will be leased out during the first quarter of next year,” White said.
According to White, back-office users and financial companies are among those in talks for space at Stadium Gateway.
“The project will draw on the labor pool around the area,” White said.
The six-story building, at 1900 S. State College Blvd., counts one tenant: New Horizons Worldwide Inc., the owner and franchiser of New Horizons Computer Learning Centers. The company recently moved its 310 employees and headquarters from Santa Ana into 86,000 square feet of space at Stadium Gateway.
New Horizons’ 10-year lease is valued at $20 million. Taylor Ing of CB Richard Ellis represented New Horizons and David Dowd and Joe Vargas of Cushman & Wakefield represented the landlord, a partnership of Summit Commercial, Highridge Partners Co., an El Segundo-based real estate investor, and Mack-Cali Realty Corp., a New Jersey-based real estate investment trust.
The partners also are developing Pacific Plaza, a 600,000-square-foot office complex in northern California.
Essex Managing The Waters
Costa Mesa-based Essex Realty Management has landed the management contract for The Waters at Creekside, a nine-building, 156,854-square-foot office complex in Costa Mesa.
Newport Beach-based Werdin Corp. owns the office space and signed Essex to manage and market the property, according to Bill McCarthy, director of marketing with Essex. Werdin bought the site at 2900 Bristol St. from Creekside Development Co. earlier this year. Tenants include C.G.F. Associates and Agee/Johnson Inc.
Deals:
Newport Beach-based real estate investor John R. Saunders has bought Northpointe Office Park in Tustin for $21.5 million. JS Northpointe LP, a trust owned by Saunders, took title on the property. Hartford, Conn.-based UBS Realty Advisors sold the 138,591-square-foot park at 15621-15661 Redhill Ave. The three-building project is 94% leased An Orange County-based family trust has paid $2.8 million for Birchbrook Office Park, a 24,600-square-foot office building at 3000 E. Birch St. in Brea. The building is 95% leased. Joshua Levy and Martin Cohan of Grubb & Ellis Co.’s North Los Angeles office represented the buyer in the transaction. Landon Wright and Michael Lawrence of Marcus & Millichap represented the seller, Colorado-based Birchbrook Office Park LLC Gregg Herbert and Jeff Hanson of Grubb & Ellis’ Newport Beach office represented both buyer and seller in the deal Cliff Fincher and Tom Gilmer of Lee & Associates- Orange Inc. represented the seller, Bruce Armstrong, in the $1.7 million sale of a 26,877-square-foot industrial building located at 11899 S. Woodruff in Downey. Patrick Meaney of JW Lewis Co. represented the buyer, Pasadena Winter Gardens An affiliate of San Francisco-based Capital Management has sold the 147,276-square-foot Town Center Plaza in Laguna Niguel to private investors for $25.4 million. The 97,653-square-foot shopping center and the 49,623-square-foot office portion were sold to separate investors. Brokers from the Newport Beach office of Marcus & Millichap closed the deals.
RESIDENTIAL
Irvine-based Bascom Group LLC paid $13.3 million for the 163-unit Shadow Springs Apartments in Walnut. Bascom acquired the property from Shadow Springs LP in November.
Built in 1963, Shadow Springs counts 10 two-story buildings and two one-story buildings. One- two- and three-bedroom units there average 900 square feet and range in price from $700 to $900 a month.
Bascom said it plans to renovate the apartments with interior and landscaping upgrades and a new leasing center. Anaheim-based Commercial Services Building Inc. is set to oversee the renovations.
Udi Katz of Multi-Housing Realty represented both the buyer and seller. Scott McClave, acquisitions director for Bascom, oversaw the deal. Wells Fargo Bank provided the debt financing, with assistance from Gary Mozer and Lee Norman of George Smith Partners.
