Affinity Medical Technologies LLC, a manufacturer of medical gear, has relocated from Irvine to Costa Mesa.
The company recently signed a 42,453 square foot lease at 3545 Harbor Blvd., in a research and development office building owned by CJ Segerstrom & Sons.
The 10-year lease is valued at $4.8 million, which works out to monthly rents of about 94 cents per square foot. It’s roughly a doubling of space for the company.
Voit Real Estate’s Kevin Turner represented Affinity in the lease, while the landlord represented itself.
Turner said he worked with Affinity for about 15 months to find a suitable space, adding that the Costa Mesa building was an off-market property.
“The current perception is that there is still a surplus of available properties, but the reality is that the market has firmed up, especially within the 30,000-50,000 square-foot range,” according toTurner.
Affinity makes medical cables for patient monitoring devices. Its products link patients to electrocardiograms, blood pressure machines and other medical devices.
The company got its start in the late 1990’s, working out of a 400-square-foot office.
Mary Phillipp, chief executive and founder, previously was president of Tronomed Inc., a San Juan Capistrano company that made medical wire and cables. When Tyco International Ltd. bought Tronomed in 1997, Phillipp decided to set out on her own.
Pelican Push
You might be able to gauge the pace of commercial real estate leases based on occupancy rates at the Resort at Pelican Hill.
Stays at the Newport Coast luxury hotel now are being offered as a broker incentive by Irvine Company, the area’s dominant landlord and the owner of the resort.
Brokers who sign new tenant leases at the company’s properties between now and the end of June get a free stay at Pelican Hill, according to the website for Irvine Co.’s office division, which oversees a local portfolio of some 17 million square feet of space.
No other details on the program were on the website, and officials for the Newport Beach-based landlord declined to comment.
Rooms at Pelican Hill start at about $400 per night during the week, and $700 on the weekend, according to the resort’s website.
The Pelican Hill offering is the most notable broker incentive that Irvine Co. has announced since late 2009, when it rolled out its “Ready Check” program.
That program allowed brokers to get their full commissions within 48 hours of getting an office lease signed with a landlord.
Ventura Buy
An affiliate of Irvine-based apartment investor and developer Western National Group has paid $38.1 million for a complex in Ventura County.
A private equity fund run by the company’s Western National Realty Advisors affiliate said it bought a 165-unit complex in Camarillo.
The Alara Camarillo Apartments complex, which is about 95% leased, traded hands for roughly $231,000 per apartment. The eight-building complex, built in 2003, is being renamed “Allure at Camarillo.”
The seller was an undisclosed pension fund advisor based in Los Angeles. It’s the largest buy that Western National has announced in about six months. The developer’s last deal was for an apartment complex in Irvine valued at more than $60 million.
Fullerton Finished
Magellan Group Inc., a Los Angeles-based development company, said it has finished up sales at its Valencia Business Center, a 221,253-square-foot industrial business park in Fullerton. The 25-building project opened in 2008. The developer had found buyers for about half the project by the time of its opening.
Despite the subsequent down market and other challenges—Lehman Brothers was Magellan’s equity partner in the project—Magellan was able to make the project work, executives said.
“Our favorable basis in the development gave us the capacity to withstand a declining market,” said Kevin Staley, Magellan’s principal and cofounder.
The developer bought the land for the project in 2003.
Voit’s Mike Hefner and Mike Vernick marketed the property.
Designing Buyers
Irvine Pacific, the increasingly active homebuilding offshoot of Irvine Co., has opened a new design studio to help prospective buyers plan their new homes and allow confirmed buyers to make changes and updates.
The builder, which ramped up construction last year with a pair of projects in the Woodbury East neighborhood, this year announced plans to start another 2,600 homes at Irvine Co.’s new Stonegate and Laguna Altura projects.
The design center is expected to help buyers at Stonegate and Altura complete their home design plans following the close of escrow.
The Irvine Pacific Design Center is a 6,700-square-foot space in the Woodbury Town Center. It includes a fully functioning demonstration kitchen, the company said.
