Irvine-based SunCal Cos. has made a name for itself as master developer of a number of sprawling West Coast projects.
The company has had a hand in developing more than 120,000 housing lots in California and Nevada.
In July, the company made a play in a new market, bidding close to $250 million for a 57,000-acre site in New Mexico.
SunCal has big projects in the works for San Clemente and San Juan Capistrano.
A smaller-sized deal near the border of Santa Ana and Anaheim appears to mark a bit of a change for the privately held company.
SunCal and Irvine-based Southwind Realty Group LLC just bought Palm Terrace, a 122-unit apartment complex in Santa Ana for $22.6 million, or $185,000 per apartment.
The complex is at 2801 N. Bristol St., not too far from the Platinum Triangle area in Anaheim.
It’s the second property SunCal has taken over near Angel Stadium of Anaheim but not actually in the triangle.
Last month, the company received initial city approval to build 1,300 homes and 200 apartments in Anaheim, along the end of Gene Autry Way, closer to the Disneyland Resort.
SunCal hasn’t disclosed its plans for Palm Terrace.
The company has done other urban redevelopment projects, along with more traditional housing.
In Los Angeles, the company is planning a high-rise condominium project on Santa Monica Boulevard, having paid $110 million for the 2.3-acre plot of land.
Dan Vittone and Gil Marrero of Voit Commercial Brokerage LP’s Irvine office represented SunCal and Southwind in the apartment buy.
Ken Morgan and Jay Skendarian of Morgan-Skendarian Investment Real Estate Group represented the seller, JLLC Palm Terrace Apartment LP.
Two More Towers
Construction has started on two condo towers that will be part of Miami-based Lennar Corp.’s Central Park West project at Jamboree Road and Michelson Drive in Irvine.
The San Diego arm of Vancouver, British Columbia-based Intergulf Development Group is building the two 15-story towers, known as Astoria.
It’s Intergulf’s first U.S. tower project outside San Diego County.
It also is working with Lennar on a 158-unit condo and mixed-use development called Breeza, along Pacific Highway in San Diego. That project should be done by early 2008.
The Astoria towers are set to hold 240 condos, part of some 1,380 homes being built on the former site of a Parker Hannifin Corp. plant.
Central Park West also includes 19,700 square feet of shops and a four-story office building totaling 90,000 square feet.
The Astoria homes are set to range from 1,119 to 3,024 square feet with a mix of one- and two-bedroom condos.
Plans call for larger penthouses. Prices should start in the mid $600,000s.
Beech Street Corp. is staying put in Lake Forest, one year after being acquired by Concentra Operating Corp. of Addison, Texas.
The company, one of the country’s largest preferred provider organization health plan operators, just renewed its lease for its corporate headquarters at 25500 Commercentre Drive.
Terms of the five-year lease were not disclosed. Beech Street takes up all the space at the two-story, 52,319-square-foot building, built in 2000.
Beech Street also had been leasing another 35,000 square feet at the building next door, which also is home to Lake Forest’s city hall. Following the Concentra buy, the company decided to consolidate at its headquarters, according to officials with tenant representation company Studley Inc.
Michael Props, Bruce Schuman and Royce Sharf of Studley’s Irvine office represented Beech Street.
John Harty and Michael Coppin of Trammell Crow Co. represented landlord NewTower Trust Co.
Concentra bought Beech Street last year for $165 million.
Beech Street, founded in 1951, contracts with large employers, unions, city governments and others for access to its doctors.
Local Ties to Mississippi
Project
A developer that calls Newport Beach home is proposing a nearly $3 billion project on 4,500 acres in DeSoto County, Miss.
Phillips Development Co., a privately held developer led by William Phillips, wants to build Riverbend Crossing, which reportedly would be the largest single development ever proposed for that county.
Riverbend Crossing would include 9,500 homes and about 30,000 residents. Also proposed are an amusement park, golf courses, hotels and shops.
Construction could begin by year’s end, if the state signs off on an incentive package. Phillips is requesting about $175 million of state money for roads and other basics, as well as tourism tax rebates.
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