Hidden Canyon, the newest high-end, new-home community in Irvine, had about $50 million in sales in less than a month after its opening, according to the project’s developer.
The 250-home project near the intersection of Laguna Canyon Road and Lake Forest Drive opened for sales in early February. Twenty contracts have been signed with an average price at about $2.5 million, according to Doug Yearley, chief executive of Horsham, Pa.-based homebuilder Toll Brothers Inc.
Homes there run from about 4,000 square feet to nearly 5,500 square feet.
Toll Brothers bought the land for Hidden Canyon about a year ago from Newport Beach-based Irvine Company. Terms of the sale were not disclosed; reports at the time estimated the land deal at about $150 million.
It’s the first time in about 20 years that Irvine Co. has sold ground for an entire development to a single builder, according to local Toll Bros. executives.
The deal is paying off, as are other “well-timed coastal California land purchases,” Yearley told analysts at his company’s latest earnings call in late February.
At Baker Ranch in Lake Forest, “we have taken 39 deposits in the past month,” he said.
Baker Ranch is a development between Toll Bros. and Shea Homes in Walnut. Toll paid $110 million for a 50% stake in the 372-acre development, which will have nearly 1,800 homes and more than 400 apartments upon buildout.
Toll Brothers ranked No. 10 among Orange County builders last year, with 130 sales, according to Business Journal data.
Trade Show Servicer Moves
Hillsboro, Ore.-based Pinnacle Exhibits LLC, one of several trade show exhibit makers with OC operations, is relocating its Irvine base to 9 Holland, an industrial building in the Irvine Spectrum.
The company recently leased 92,802 square feet at the 180,982-square-foot building, which is owned by an affiliate of Aliso Viejo-based CT Realty.
The seven-year lease begins in June and is valued at $5 million, according to CT Realty, which bought the building in 2013.
The property is now fully leased.
Large Loans
The Southern California offices of Holliday Fenoglio Fowler LP said they have arranged nearly $130 million in financing for a newly built apartment complex in Santa Ana and a medical office project under way in Irvine.
The brokerage, which also goes by the HFF name, said it helped secure an $88 million loan for Newport Beach-based apartment developer Lyon Communities for the company’s flagship new community, The Marke in Santa Ana.
The 300-unit complex opened last year.
The 10-year, fixed-rate loan runs 3.32% and was financed through Freddie Mac’s premiere lease-up program, according to HFF, whose Charles Halladay and Sebastian Trujillo worked on the deal.
HFF also said it secured a $41.3 million construction-to-permanent loan for The Hoag Health Center-Irvine, a 150,000-square-foot medical office development being built across the street from Hoag Hospital Irvine.
The three-building project, which broke ground about a month ago, is a development of San Diego-based Pacific Medical Buildings and is fully leased to Hoag Hospital.
Pacific Medical got a 12-year, fixed-rate loan through a correspondent life insurance company. The loan is interest-only during the two-year construction period, and the fixed rate was locked over eight months in advance of the loan closing, according to HFF, whose Zach Koucos, Aldon Cole and Tim Wright worked on the deal, along with Pacific Medical’s Jake Rohe and Ben Ryan.
Yorba Linda Infill
Brandywine Homes in Irvine has broken ground on a project in Yorba Linda.
Provence is a 3.2-acre community with 28 single-family homes. The infill project is at 5050 Richfield Road, a few blocks from the Richard Nixon Presidential Library and Museum.
Homes are expected to go on the market in November, and the developer projects completion in May 2016.
The three- and four-bedroom homes will range in size from 1,800 to 2,000 square feet.
