Wonderware Deal Detailed; Inland Empire Offices go for $9.9M
An early estimate by CoStar Group Inc. says that Lower Manhattan lost up to 12 million square feet of space as a result of the terrorist attacks on Sept. 11. While there’s no tangible data on what the impact could be locally, one real estate observer contends a chill stands to be felt in Orange County.
Daniel Winton, a partner and attorney in the Irvine office of Snell & Wilmer LLP, said businesses and developers are likely to take a wait-and-see attitude in the wake of the attacks.
According to Winton, the commercial development market already had been slumping, and the attacks could cause a greater overall slowdown.
In the residential market, potential homebuyers could put moves on hold as consumer confidence suffers, Winton said.
But Winton offered positive input on Orange County, saying the local market would benefit from more defense spending, which already was on the rise before the attacks and is expected to see more funding.
COMMERCIAL
Wonderware Details
Earlier this month, the Business Journal broke the news that Irvine Spectrum resident Wonderware Corp. was moving its headquarters to the Allred Corporate Center in Lake Forest. Now, we have more details.
The company, which develops factory automation software, has leased 106,000 square feet of flex office space in two buildings under construction at the Allred Corporate Center.
In the deal, Wonderware signed a 10-year lease for the two buildings located on the 8.7-acre first phase. The deal is believed to be worth about $20 million.
The lease is said to be the largest flex office space deal in OC this year. The move allows Wonderware to consolidate from four separate facilities in the Spectrum into neighboring buildings in the Allred Corporate Center, according to a Wonderware spokeswoman.
“We will reduce our required space needs by as much as 18% and reduce overall cost of occupancy in excess of 25%,” said Meg Farrell, director of real estate at Wonderware.
John D. Griffin, Jeff Dilitz and Trent Walker of the Irvine office of Voit Commercial Brokerage represented the Douglas Allred Co. in the deal. W. Bret Hardy of Colliers Seeley and Mark McAdams of Cushman & Wakefield in Irvine represented Wonderware.
Orange-based Architects Orange planned the site and design of the Allred Corporate Center. Tustin-based Archetype International provided space planning and interior design. Cypress-based Taisei Construction will make tenant improvements to the Wonderware offices.
Athalon Centre Sells
One of the largest office deals in the Inland Empire this year took place recently when The Athalon Centre in Rancho Cucamonga sold for $9.85 million.
Steve Economos and George Economos of the Newport Beach office of NAI Capital Commercial represented Athalon Properties in the sale of the 80,000-square-foot office facility. Bruce Ann Hahn of Prudential represented the buyer, Rancho Pacific Development.
The two-building office complex was 85% leased at the time of the sale. The buildings were built in the late 1980s on four acres at 9227 and 9226 Haven Avenue in Rancho Cucamonga.
Bits and Pieces:
Tustin-based Coreland Carlson has signed an exclusive leasing agreement with Hopkins Development Co. to market the first phase of the The Hub in San Bernardino. Construction will begin January 2002 on the 190,000-square-foot retail development, which will be anchored by Sam’s Club Irvine-based Leighton and Associates has signed a two-year agreement with Union Pacific Railroad to provide geotechnical design and construction services. Among Leighton’s past projects are South Coast Plaza, Legoland and Crystal Cove Dana Point-based Biltmore Communities Inc. arranged $9 million in build-out equity for 462 single-family detached homes at Probuilt Homes’ affordable housing development in Santa Maria.
RESIDENTIAL
BIA Presents Awards
The Orange County chapter of the Building Industry Association of Southern California honored recipients dedicated to addressing the housing issues facing Orange County at the recent Ruby Slippers Awards.
“The work of these individuals, businesses, public officials and agencies we have honored today are doing so much in the community to address the housing crisis,” said OC association president Steve Cameron of Fieldstone Communities.
Winners included Linda Boone, director of economic development for the city of Orange, who took the public agency award, and The Planning Center, Costa Mesa, which took the business honor. Former OC association chief executive Christine Diemer Iger received a special award for her contributions.
