COMMERCIAL
Size doesn’t always matter. Take for instance the deal bringing The Turnip Rose back to its original location at 1901 Newport Plaza in Costa Mesa. The Turnip Rose signed a 10-year lease for approximately 15,000 square feet.
“We are proud and excited to welcome The Turnip Rose as our premiere tenant,” said Lewis Halpert, president of Kennedy-Wilson’s commercial and residential investments group. Kennedy-Wilson and Hudson Properties LLC acquired 1901 Newport Plaza in March and The Tulip Rose will occupy the ground floor in the West wing of the plaza, which has three buildings,a 142,000-square-foot Spanish Mission-style main building and two freestanding buildings totaling 4,800 square feet. They all were built in the early 1980s as the corporate headquarters for Pacific Federal Savings and Loan Association.
“This dramatic building offers a private courtyard with exotic landscaping and a Mediterranean-style water fountain for outdoor cocktail receptions and a beautifully appointed private banquet room with a capacity for up to 475 guests,” said Ray Sherbanee, owner of The Turnip Rose.
Chris Deason and Ted Crisell of Voit Commercial represented the owners. Deason and Renee Birmingham of Santa Ana-based Birmingham Realty Services represented The Turnip Rose.
Bits and Pieces:
Armour CV Santa Margarita has purchased the Marshall’s section of the Santa Margarita Marketplace for $8.3 million. David Lee and Dennis Vaccaro of Faris Lee Investments represented Armour and the seller, K & G;/RRGI LLC Irvine-based R.D. Olson Construction has completed work on the $14.5 million Marriott Residence Inn at 2855 Main St. in Irvine. Opened July 23, the 174 one- and two-bedroom suites will be managed by Marriott International, while Olson will retain ownership under the Main Street Hotels name. Irvine-based Steve Langford and Associates designed the hotel interior Costa Mesa-based Stadium Seating Erectors will provide retrofitting and reconstruction for Newport Beach-based Edwards Theatre Circuit Inc.’s 10-screen, 3,000-seat Atlantic Palace in Alhambra. Stadium Seating Erectors is a joint venture of Cinema Stadium Erectors, part of Costa Mesa-based Andrew L. Youngquist Construction Inc. and Daniel, Mann, Johnson & Mendenhall, a Angeles-based architectural and engineering firm Lake Forest-based Professional Community Management Inc. will manage community association services for Monticello, a 334-unit townhome community in Costa Mesa; Promenade II Community Association by Shea Homes, 64 single-family homes in Aliso Viejo; and Seniors Housing Council, a council of the Building Industry Association of Southern California Tustin-based DMK has completed an 11,000-square-foot, $1 million expansion project for George Fischer Inc., a Tustin-based pipe manufacturer. Bundy Finkel Architects of Santa Ana Heights designed the project.
RESIDENTIAL
The numbers are looking better for prospective homebuyers. The latest Housing Affordability Index (for May) has been released and the percentage of households in California able to afford a median-priced home inched up two percentage points year-to-year, according to a report by the California Ass-ociation of Realtors.
The Housing Affordability Index stood at 33%, down one point from April.
“Lower interest rates continue to favorably impact affordability in the state,” said C.A.R. president Gary Thomas. “The 1% decrease in mortgage rates from a year ago has helped offset a 6.9% increase in the median home price.”
In Southern California, Orange County remained the least affordable at 23%. San Diego County stood at 24% while Los Angeles County was at 36%. The national affordability rate is 55%.
A related report by C.A.R. showed that home prices continue to climb as sales of existing homes fall. Statewide, home prices rose 9.8% in June while home sales dropped 6.4% from June 2000. In Orange County, home prices were up 8.8% and sales were down 4.6%. Locally, Laguna Hills made the list of 10 cities with the biggest median home price increases, with a 37.1% rise.
