Acacia Ready to Go at A.J. West; Netsource Buys Its RSM Facility
COMMERCIAL
Phoenix-based Vestar Property Management has re-entered the Orange County market, having won the contract to manage a 2.3 million-square-foot retail portfolio from Burnham Pacific Properties.
The portion of the Burnham Pacific portfolio Vestar Property will manage consists of 14 properties, three of which are in Orange County:
n The 103,920-square-foot La Mancha Shopping Center in Fullerton at West Valley View on North Harbor Boulevard,
n The 93,337-square-foot Olympiad Plaza on the southwest corner of Olympiad and Alicia Parkway in Mission Viejo, and
n The 93,841-square-foot Laguna Niguel Plaza at Alicia Parkway and Pacific Island Drive in Laguna Niguel.
“It is an honor to have been selected by Burnham Pacific Properties to manage such a significant and highly sought after portfolio,” said Pat McGinley, vice president of property management at Vestar.
Vestar’s development unit has been active in Orange County, but the Burnham Pacific contract is a new beginning for the company’s property-management arm, which previously oversaw some properties here before they were sold by their owners.
“We’ve taken on multi-property portfolios before, but our largest was 11 (properties) in Phoenix,” McGinley said. “This is a big account for us and we’re extremely happy about it.”
Vestar Property Management oversees a portfolio of 13 million square feet, roughly 50% of which is handled on behalf of third parties.
Acacia Starting on A.J. West Site
Newport Beach-based Acacia Properties is about to break ground on three spec industrial buildings totaling 73,000 square feet in one of the last parcels of the A.J. West Ranch development in Lake Forest.
Dave Pittman, principal with Acacia Properties, expects construction on the three buildings,which will range from 20,000 square feet to 27,000 square feet,to begin next week. The complex of buildings will be available for sale at $205 per square foot or lease at $1.65 per square foot, triple-net, Pittman said.
“We’ve closed escrow (on the land purchase) and we’ve already had interested parties wanting to purchase one of our buildings,” Pittman said.
The building will front Bake Parkway and will be visible from the Foothill Transportation Corridor.
“Things are shaping up nicely for us, and we’re excited about getting this project off the ground,” Pittman said.
In other moves, Acacia Capital recently completed construction of a 43,566-square-foot flex-tech building at Alton Parkway and Hughes in the Irvine Spectrum. The building is a rarity in the technology park: a new building available for lease that’s not owned by the Irvine Co. The company is in negotiations with a prospective tenant for the whole building, Pittman said.
Happy with the company’s prospects in South Orange County, Pittman would next like to get involved in additional North Orange County activity, where Acacia Capital has a small foothold with some industrial properties in Anaheim.
“We’re looking for other opportunities to do some more projects in Orange County,” said Pittman, a former partner of Los Angeles-based Zelman Development. “We’re totally focused on Orange County. We think it’s still a strong market and there’s still some opportunities to pursue, especially in North Orange County in the industrial sector.”
Netsource Buys Its HQ
Netsource Technology has purchased the 11,030-square-foot building in Rancho Santa Margarita it has occupied for the past six months for $1.2 million from Newport Beach-based Swede-Cal Properties.
“When we were originally looking for a building to lease, we strategically selected a place that would not only be a good location for Netsource in the short term, but that would also give the lessee an option to buy,” said Greg Ozimec, who with Marc Ozimec of Voit Commercial Brokerage’s Irvine office represented Netsource owners Gary and Colleen Munoz.
Swede-Cal Properties represented itself in the sale of the building at 30032 Aventura.
RESIDENTIAL
Pinnacle Communities has purchased 49 lots in the Woodridge masterplanned community in Thousand Oaks for $3.8 million from Shea Homes. Pinnacle also acquired an option to purchase another 43 lots in the community.
Newport Beach-based TMC America LLC provided financing in the deal.
Pinnacle soon will begin construction of its project, The Heights, with the model grand opening scheduled for the first quarter. The company plans to build 3,500- to 4,500-square-foot homes.
Warmington Sells Murrieta Site
California Oaks-Jackson Avenue Multi-family LLC has purchased a 17.4-acre apartment site in Murrieta for $4.1 million from Newport Beach-based Warmington Land Co.
The parcel in the California Oaks masterplanned community is entitled for 264 apartment units. The property, near the intersection of California Oaks and Jackson Avenue, sits directly in front of the Colony Golf Course.
Mac O’Donnell and Mike Hunter of Costa Mesa-based O’Donnel/Atkins Co. represented both parties in the deal.
FYI:
Seeking bigger space, the California Association of Community Managers has relocated its headquarters to new office space at 2171 Campus Drive in Irvine.
The trade association moved into its new 2,500-square-foot space from the 1,100-square-foot office it had occupied at 18662 MacArthur Blvd. in Irvine.
The new phone is (949) 263-2226. The fax is (949) 263-3789.
