The Central Park West development in Irvine, where a heavy amount of groundwork is under way in preparation for another slate of homebuilding, has gotten a tweak in its ownership structure.
Miami-based homebuilder Lennar Corp., which acquired a majority stake of the 43-acre infill project in 2004 for a reported $100 million, appears to have bought out most, if not all, of its joint venture partners in the project over the past year, according to a reading of the company’s regulatory filings.
The disclosure was made in the homebuilder’s latest annual report, filed in late January, along with a host of other Orange County-centric financial data detailed in this week’s Residential Real Estate Special Report (see graphic, page 20).
Central Park West, which is going up on the one-time site of a Parker Hannifin Corp. industrial facility alongside the San Diego (I-405) Freeway, had been listed by Lennar as one of its three largest unconsolidated joint ventures since 2009.
Lennar’s investment in the project had ranged between $56 million and $66 million from 2009 to 2014, and the entire joint venture’s assets are estimated to range from $57 million to nearly $200 million over the same period, according to regulatory filings.
As of the end of last year, though, the venture wasn’t listed as one of the builder’s 10 largest unconsolidated joint ventures, each of which has at least a $21 million investment from Lennar.
The builder’s investment in the Great Park Neighborhoods development in Irvine remains its largest joint venture. Lennar had a $274 million investment in the massive project as of November.
It hasn’t announced any changes to its operating or ownership structure for the Central Park West development; property records show a Lennar affiliate last year took over a portion of the land at the development from the builder’s multifamily division in a deal valued at about $4.5 million.
Other investors in the project in recent years have included Stockbridge Real Estate of San Francisco, according to reports.
The existing phases of the 1,400-home project are sold out, according to Lennar’s website, and groundwork for additional phases of residential development on the northern side of the site is under way.
Central Park West officials said the next phase of homes should open for sales late this year.
The builder also is working with the city to iron out plans for a retail project at Central Park West at the corner of Jamboree Road and Michelson Drive. A grocery store and residential-focused amenities are being considered.
Lennar ranked as Orange County’s 13th largest builder last year, with 93 home sales here, according to Business Journal data.
Long Beach Sale
Sares-Regis Group has landed another company to take space at its Douglas Park development next to Long Beach Airport.
The Irvine-based developer announced this month that United Pacific, a Gardena-based owner, supplier and operator of gas stations and convenience stores, acquired a nearly 2.7-acre parcel at Douglas Park for its new headquarters.
The land will hold a 40,000-square-foot office for United Pacific, which formerly operated as United Oil. Construction will begin this summer on the project, which should open next year. About 120 employees will move there.
DRA Architects in Newport Beach is designing the building, and Whittier-based Oltmans Construction Co. will construct it.
The sale to United Pacific leaves 20 available acres of the remaining 193 acres at Douglas Park, according to Sares-Regis officials.
The company bought the Douglas Park land from Boeing Realty Corp. in a series of transactions in 2011 and 2012 and is developing the property with 3.2 million square feet of office, industrial, hotel and retail space.
Bank Renewal
Wells Fargo has renewed its lease at 2030 Main St., a 16-story office tower in Irvine near John Wayne Airport.
The financial services firm will occupy about 91,523 square feet at the tower under the new lease. It’s the largest tenant in the Irvine Concourse building, which overlooks the 405 Freeway.
Savills Studley’s Steve Walbridge and Craig Jablin represented Wells Fargo in the lease, and Jay Carnahan of Orion Property Partners represented the building’s owner, The Praedium Group.
