Voit Goes Back to Fujita for More; CT Realty Sells Arbors Complex
COMMERCIAL
Mark Zuvich and Jeff Cannon have left the Irvine Spectrum office of Cushman & Wakefield to launch their own firm, Zuvich Cannon Associates.
Joining Zuvich and Cannon are Jason Hanck, John Moody and Lisa Pino, all of whom were also with Cushman & Wakefield’s Irvine Spectrum office. David Haub, formerly a mortgage broker, also joined the new firm.
Cushman & Wakefield has decided to close its Irvine Spectrum office and will serve the South County market from its airport area office.
“We really want the opportunity to create our own firm,” Zuvich said.
It is the second time that the group has moved en masse. Previously, Zuvich, Cannon and the rest of the team defected from CB Richard Ellis to Cushman & Wakefield, which led to C & W; opening the Irvine Spectrum office.
Zuvich said the parting of the ways is a friendly one, motivated more by a desire to have greater autonomy than any friction with his former Cushman & Wakefield superiors.
“We were an autonomous office, and they’ve been great people to work with,” Zuvich said. “We have fond memories of them. It’s just that in the end were going in different directions.”
He declined to be more specific.
Zuvich and his group are the latest example of a recent trend of brokers who are splitting off from major brand name operations to launch boutique firms. Fueling this independence movement has been the strong economy, where business leads have been plentiful. But another reason has been the emergence of the Internet and the rise of independent networks as sources of leads.
“I think what it really boils down to is we wanted an opportunity to create our own firm and do everything in our power to give our clients the best service,” Zuvich said. “There’s no better way to do that than when we as a team are able to make those decisions.”
Voit Buys More From Fujita
Voit Development Co. has acquired a portfolio of five multi-tenant business parks and three single-tenant properties for $39 million from Fujita Corp., the third deal between the two companies in the past 15 months. The latest acquisition includes three properties in Orange County.
The three acquisitions from Fujita Corp. have added more than 3 million square feet to Voit Development’s Southern California portfolio, at a cost of $202 million.
“This acquisition speaks to our continuing confidence in Southern California,” said Robert Voit, president of the Woodland Hills-based company. “We see a value in this portfolio, which can be realized more effectively through viewing each of the various assets as an individual investment opportunity rather than as a total portfolio.”
Some of the assets are not viewed as long-term holds. In fact, Voit Development already has begun selling some of the assets acquired earlier from Fujita, for the most part ones with long-term leases in place. Properties with short-term leases that can be increased will be held, at least for the immediate future.
Ice Rink Sold
R.H. Wesselink and S.L. Galvanoni LLC has paid $2.64 million to Windrose Pacific Association for a 31,811-square-foot mixed-use facility at 9 Journey Road in Aliso Viejo.
The property is occupied by Ice Chalet, an ice-skating rink. Its lease, which is due to expire in four years, is below market value, a major attraction for the buyer.
Rich Gebele of National Real Estate Services Inc. represented Windrose, while John Bosko and James Harrison of the Charles Dunn Co. represented the buyers.
RESIDENTIAL
Garden Grove Property Associates LLC of Newport Beach has paid $12.4 million to CT Realty Corp. for the 160-unit Arbors apartment community in Santa Ana.
The Arbors, at 1100 E. Fairhaven Ave., is on a six-acre parcel near the Garden Grove (22) Freeway.
Newport Beach-based CT Realty acquired the apartment complex in March 1998 from GE Capital. The company decided to sell the property after investing $1.1 million to rehabilitate the complex, including a complete upgrade of the units’ interiors.
Joe Leon and Ray Eldridge of CB Richard Ellis’ Newport Beach office represented CT Realty in the transaction, while Garden Grove Property Associates represented itself.
Ashbrook Buys 92 Lots at PGA West
Ashbrook Communities has purchased 92 lots in the PGA West masterplanned community of La Quinta for $5 million from KSL Land Corp.
The 8,700-square-foot minimum lots, all bordering a golf course, offer views of the Santa Rosa Mountains.
Craig Atkins and Steve Jones of Costa Mesa-based O’Donnell/Atkins brokerage represented both Ashbrook and KSL.
