Nikken Inc., a Japanese health and nutritional product maker with local operations in Irvine, could be on the move again, depending on the results of the sale of its Orange County office.
The company recently listed for sale 2 Corporate Park, a 43,247-square-foot building it owns on Jamboree Road near The District shopping center.
CBRE Group Inc.’s capital markets team in Newport Beach has the listing for the two-story building, which is also known as Corporate Pointe II. Nikken bought the office in 2014 for a reported $10.3 million, or about $237 per square foot.
It carries an asking price of about $16.2 million this time, or $375 per square foot, according to CBRE’s marketing materials. That’s below its $18.1 million replacement value.
Nikken currently occupies about a third of the building but could move out depending on the needs of the buyer, according to CBRE brokers. Other tenants include the Big West Conference, the collegiate athletic conference, whose members include California State University-Fullerton and the University of California-Irvine.
Nikken isn’t a stranger to relocating, or profitable real estate deals. It moved to its current location from 52 Discovery, a 213,400-square-foot office in the Spectrum that fronts the Eastern (133) Toll Road.
The company built the office in the late 1990s for a reported $30 million and sold it in 2014 to Masimo Corp. for $56 million.
The maker of patient monitoring devices now uses the distinctive-looking building, which features a glass rotunda that’s been featured in a number of movies, as its headquarters.
Guthrie Grab
Guthrie Development, a Newport Beach-based investment and development company best known for converting local multitenant industrial and office properties into for-sale condo units, has added a property in Placentia to its portfolio.
It recently completed the purchase of Placentia Corporate Center, a 104,266-square-foot, four-building, multitenant campus on South Placentia Avenue near the intersection of the Orange (57) and Riverside (91) freeways.
The site is on 6.5 acres and has two single-story flex/R&D buildings and two low-rise office buildings.
Guthrie paid a little under $14.3 million for the campus, or nearly $137 per square foot.
The seller was Boston’s TA Realty, an institutional investor that’s recently sold a number of local real estate assets, including Irvine’s 5 Peters Canyon building, Laguna Hills’ Spectrum Tower, and the two-building campus at MacArthur Place in Santa Ana.
The sales, plus the latest deal with Guthrie, have pushed TA Realty’s local sales close to $150 million for the year.
Kevin Shannon, Paul Jones and Blake Bokosky, brokers with Newmark Knight Frank’s West Coast capital markets team, represented TA Realty in the sale to Guthrie Development.
The new owner plans changes to the property, which is 89% occupied to 20 tenants, according to Newmark Knight Frank officials.
“While this is an institutional-quality property with freeway visibility, the buyer recognized the opportunity to create more value to this recently renovated campus by making some minor improvements and bringing rents to market rates as leases expire,” Bokosky said.
“Furthermore, the buyer identified the potential to maximize value in its exit strategy by selling off the buildings individually as they are each on separate land parcels.”
The property was built in 1987 and renovated last year.
Guthrie’s other properties under development include sites in Laguna Niguel, Fullerton and Irwindale.
The company has developed 2 million square feet of space in OC from its 2000 founding, focusing on industrial business parks aimed at small and midsize businesses.
FedEx Find
BLT Enterprises, a Santa Monica-based investor with a growing portfolio of OC properties, has bought an industrial building in Costa Mesa across the street from the South Coast Collection shopping center.
BLT paid a reported $33.4 million in early June for 1650 Sunflower Ave., a 112,000-square-foot building used by Federal Express Corp. for distribution.
Around the time of the sale, FedEx extended its lease through 2028, according to Colliers International, whose Rick Putnam brokered the sale from San Diego-based Sovereign Capital to BLT, along with colleague Eric Cohen.
Colliers’ Chuck Wilson and Brian Chastain handled the lease extension with FedEx.
