Anaheim Tech Center’s Big Deal; Bay Area Firm Buys OC Apartments
COMMERCIAL
Trammell Crow Co.’s Irvine office has gained a significant presence in the San Diego market by scoring the marketing of a 500,000-square-foot office portfolio in that region.
The five low-rise and mid-rise projects in Del Mar Heights, Carmel Mountain Ranch, Kearny Mesa and Mission Valley are expected to fetch $80 million.
The Trammell Crow team of Rick Putnam and Jeffrey Cole, along with Phil Monroe of Burnham Real Estate, San Diego, are selling the portfolio on behalf of a pension fund advised by Clarion Partners.
The “institutional quality” office buildings are renting significantly under market and professional service firms make up 67% of the tenant base, Putnam said.
He said the portfolio has received strong interest from private investors, national pension funds, real estate investment trusts and insurance companies.
The buildings, ranging from 55,000 square feet to 120,000 square feet, are 98% leased. The portfolio owner, Clarion Partners, is a New York-based fund that manages nearly $10 billion in real estate assets.
Guthrie Sells Arroyo Vista Building
Laguna Hills-based Guthrie Development Co. has pre-sold building four of the six-building Arroyo Vista Business Center.
Foothill Ranch-based BranDit Systems Inc., a provider of barcode-related systems, purchased the 6,600-square-foot building in Rancho Santa Margarita.
BranDit liked the building’s easy access to the Foothill (241) Toll Road and the favorable Rancho Santa Margarita business climate, according to the company’s president, Dave Bramson.
Guthrie purchased the property from Maria Sobrino for $2 million in April. The developer has begun construction on the project, and expects to complete it in January. Buildings will range from 5,760 square feet to 12,030 square feet and total 57,685 square feet, encompassing 3.6 acres at the corner of Arroyo Vista and Valeroso.
“The industrial market in south Orange County is incredibly tight,” said Rob Guthrie, president of Guthrie Development.
The company has adapted to the tight market, according to Guthrie, by focusing on the smaller industrial buildings, saying that demand is strongest for the 5,000- to 6,000-square-foot buildings.
Trent Walker and Brian Corrigan of Voit Commercial Brokerage represented Guthrie while Ted Rommel of Lee & Associates represented BranDit. Irvine-based Miller Contracting Co. will handle construction, estimated to cost $2.4 million. Costa Mesa-based William Skinner and Associates designed the project.
Anaheim Tech Center Deal a Big One
The Irvine office of Cushman & Wakefield may have set a record in the sale of the Anaheim Technology Center. According to one source, the property, built in 1961, went for the highest per-square-foot price of any OC building built before 1965. OK, so that’s a bit obscure, but the strong price does bear out the belief that the industrial market remains strong.
Dallas, Texas-based L & B; Realty Advisors, Inc., one of the nation’s largest commercial real estate investment and management organizations, acquired the two-building, 245,503-square-foot industrial park between Disneyland and the new Anaheim Convention Center, near the intersection of East Street and Ball Road.
L & B; acquired the industrial park on behalf of NevadaPERS for $16.5 million.
The industrial complex was 100% leased at the time of the sale. The tenants are L3 Communications, Disney Enterprises, Orange Broadcasting and M-DOC Exhibits aka Modular Displays.
Lars Platt, Jeff Chiate and Rick Ellison, all of the Irvine office of Cushman & Wakefield, represented L & B; and the seller, AG Touchstone HP Anaheim LLC.
Bits and Pieces:
The remainder of Newport Beach-based Pacific Gulf Properties Inc. has been acquired by FountainGlen Properties LLC. With the deal, Pacific Gulf completes its liquidation, and its stock has been taken off the New York Stock Exchange Costa Mesa-based The O’Donnell/Atkins Co. has sold a 3-acre commercial site in Victorville to Steven Haney, who plans to develop a truck leasing and sales yard on the site. Terms were not disclosed. Dan Tate represented Haney in the deal Costa Mesa-based shopping center developer Donahue Schriber has opened the 84,684-square-foot Rock Creek Plaza in Rocklin. Safeway anchors the center.
San Francisco-based Lend Lease Real Estate Investors paid $23.15 million for the Rancho Valencia Apartments, a 245-unit apartment complex at 9155 Central Ave. in Garden Grove.
The 39-building complex was 97.5% occupied at the time of sale.
Lend Lease acquired the property from Irvine-based The Bascom Group. Jerry Giglio, William DuBrowa, Baron Jones and Arlan Murata of Grubb & Ellis represented both parties in the deal.
