An industrial building planned for the Harbor Gateway business park in Costa Mesa appears to already be spoken for.
Records of real estate market tracker CoStar Group Inc. show Santa Ana-based Robinson Pharma Inc., a maker of soft-gel vitamins and dietary supplements that occupies space in several area facilities, recently signed on to lease the future 1585 MacArthur Blvd. property.
The 100,000-square-foot building will include high-end office and industrial space. It should be finished in about nine months, when the lease will commence, according to CoStar’s records.
The Business Journal reported in March on local developer C.J. Segerstrom & Sons planning to build the industrial property, which will be on empty land at the intersection of MacArthur and Hyland Avenue, a few blocks north of the South Coast Collection shopping center and Vans’ new headquarters.
The single-story building would be on roughly 5.8 acres and have about 200 parking spaces, according to city records.
It will be the largest property in Harbor Gateway, whose existing buildings are a mix of low-rise flex and office properties, the largest 85,000 square feet.
C.J. Segerstrom & Sons, which operates South Coast Plaza and much of the high-end office space in the arts district of Costa Mesa, runs most of the properties at the business park.
Robinson Pharma currently leases and owns more than 300,000 square feet among five facilities in Santa Ana and Costa Mesa for contract manufacturing operations, warehouse space and its headquarters.
PS, Another Sale
PS Business Parks Inc. has unloaded its third area office complex of the year, a two-building property in Orange near Angel Stadium.
The Glendale-based real estate investment trust recently completed the sale of Orangewood Corporate Plaza, a two-building complex near the intersection of the Orange (57) Freeway and Orangewood Avenue, and a few blocks from the baseball stadium.
The two-story, multitenant buildings are at 2100 and 2200 Orangewood Ave. and total about 107,000 square feet.
They sold for $22 million, or about $222 per square foot, according to property records.
A Scottsdale, Ariz.-based tenant-in-common investor listed in public records as Orangewood Exchange LLC was the buyer.
The offices are occupied by a variety of small tenants and were about 77% leased at the time of sale, according to property records.
PS Business Parks has now sold about $137 million worth of Orange County property in the past four months in three separate transactions.
The company, whose market value is $3.5 billion, announced late last year that it planned to sell the three OC office parks totaling about 705,000 square feet.
In March, the office and industrial property investor completed the first sale, the five-building Corporate Pointe office park in Irvine, which it sold for nearly $42 million.
Irvine-based real estate investor Kelemen Caamaño Investments was the buyer of the 161,000-square-foot property near the intersection of Jamboree Road and Barranca Parkway and the District at Tustin Legacy.
Kelemen Caamaño paid about $260 per square foot.
In April, Irvine-based Greenlaw Partners bought Orange County Business Center, a five-building office park in Santa Ana last owned by PS Business Parks. It’s about 437,000 square feet.
The multitenant business park on East Dyer Road sold for nearly $74 million, or just under $168 per square foot, according to the seller.
The capitalization rates for the first two sales were “in the mid fives,” PS Business Chief Executive Maria Hawthorne said during her company’s latest earnings call before the Orangewood transaction was completed.
PS Business still owns four business parks in OC with nearly 1.3 million square feet of space, according to its latest annual report. None are listed for sale.
Acquisitions in Southern California and other markets aren’t out of the question, Hawthorne said.
“We are working to identify acquisition assets, which we can exchange in order to protect the gain from the sales,” she told analysts. However, “the investment arena remains a challenge,” with bidding for flex or industrial properties of any size “aggressive.”
