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Tuesday, May 28, 2024

Thanks Boeing: Seal Beach Site Ready for Construction

It took nearly seven years to get approvals from the California Coastal Commission, but now Gardena-based developer Overton Moore Properties is set to move ahead with plans for a 50.3-acre Seal Beach industrial site.

On tap: 830,000 square feet of industrial space spread among 10 buildings ranging from 45,000 square feet to 184,000 square feet. Timur Tecimer, president of Overton Moore, said he wants to have six of the buildings built by the end of the year. Construction could start as soon as next month.

Overton Moore recently bought the land from Irvine-based Boeing Realty Corp., which does redevelopment planning and then sells off excess Boeing Co. land.

Terms of the deal weren’t disclosed. Brokers estimate the land sold in the $50 million range.

Overton Moore closed the buy in less than two months. In Orange County, the company has developed the 1.3 million-square-foot CommerceCenter@Buena Park.

The Seal Beach site should be a prime location, just south of the ports of Long Beach and Los Angeles and a mile from the San Diego (I-405) and Garden Grove (22) freeways.

Anaheim Miraloma Distribution Center: part of $66 million buy

Location isn’t everything.

“What’s most important here is that we’re buying the land fully entitled,” Tecimer said.

Boeing Realty did the heavy lifting on the site, setting plans and getting city and Coastal Commission approvals.

Seal Beach officials were receptive to the project, called Pacific Gateway Business Center. But the Coastal Commission was tougher to convince.

Getting commission approval brought a multiyear delay, said Bob Goodmanson, senior vice president for CB Richard Ellis Group Inc., which is marketing the project.

OC is starved for new industrial space, especially larger buildings. That obvious need caught Tecimer’s eye.

“Getting the project to market so quickly is very exciting,” he said.

The buildings, being built on speculation, will be leased or sold, Tecimer said. Prices are undetermined.

ING in Anaheim

New York-based ING Clarion Partners’ recent $66 million buy includes the 319,000-square-foot Anaheim Miraloma Distribution Center near the Orange (57) and Riverside (91) freeways.

Tenants at the two warehouses include Britain’s Bunzl PLC and Lantis Eyewear Corp. of New York.

ING Clarion bought Anaheim Miraloma and three other buildings in Valencia from an institutional fund managed by RREEF Funds LLC.

In signing a deal to build 502 homes in Aliso Viejo, Shea Homes was able to do what even years of golf lessons can’t,cut scores by a third.

The homebuilder, part of Walnut-based J.F. Shea Co., is planning to build on part of the Jack Nicklaus-designed Aliso Viejo Golf Club, a 27-hole public course that’s being trimmed to 18 holes, starting late this month. The course’s driving range also is giving way to development.

Shea Homes bought an 80-acre parcel of land from a partnership that includes San Diego-based developer Emerald Venture Corp. and ClubCorp, a Dallas-based golf course owner that bought the land in 1998. Plans are for Shea to build townhouses and detached homes along the course. ClubCorp had planned stores and a hotel at the site.

Grading is set to start next month, with about a three-year timetable for construction.

Terms of the deal weren’t disclosed.

Attorneys from Century City law firm Pillsbury, Winthrop, Shaw, Pittman LLP handled the sale of the property to Shea Homes.

For those golfers interested in getting a final 27-hole round in, the 9-hole Creek Course will be remaining intact, while the Ridge and Valley Courses will be merged into a single nine holes. The course, which had about 85,000 rounds played on it in 2005, will remain open during the construction.

Nicklaus worked on the redesign, according to Karen Awad, spokeswoman for Glenwood at Aliso Viejo, the 227-acre community that includes the site.

Aliso Viejo Golf Club is the second OC golf course to see development. The Irvine Company recently closed its two Pelican Hill golf courses while it adds a hotel and villas to the surrounding land.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.

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