D. F. Stauffer Biscuit Co., a York, Penn.-based maker of cookies and crackers, has signed a new deal for its bakery facility in Santa Ana in the largest reported industrial lease of the past quarter.
The company, which makes animal crackers, cookies, and other bakery products, recently renewed the lease for a 217,000-square-foot bakery complex at 4041 W. Garry Ave.
The building is in an industrial park near the intersection of Segerstrom Avenue and Harbor Boulevard. CoStar Group Inc. records list its owner as Beverly Hills-based Crown Associates Realty Inc.
Stauffer moved into the facility in 2000 under a 15-year lease that was at the time valued at about $21.5 million. Terms of the latest renewal weren’t immediately disclosed.
The renewal for the Santa Ana facility was the largest industrial lease transaction in Orange County per square foot in the past quarter, according to a report by the Newport Beach office of CBRE Group Inc.
The largest reported industrial deal of the quarter involving a relocation was in Brea, where Pleaser USA Inc., a self-described “premier global manufacturer and wholesaler of sexy and alternative footwear,” moved into a 184,000-square-foot facility at 105 Puente in Brea, according to CBRE’s data.
Pleaser USA moved from a nearly 130,000-square-foot facility in Fullerton to the new building, which is just off Imperial Highway and was previously used by Brea-based health food distributor Nature’s Best.
The overall monthly asking lease rate for OC industrial buildings increased 1 cent over the past quarter to 68 cents per square foot. The overall lease rate has remained relatively stagnant of late, but rates for higher-quality, class A industrial buildings have increased 10% or more since midyear, according to CBRE’s data.
The brokerage has projected that industrial rents will grow 8.7% over the next year, reaching 74 cents per square foot.
Bristol Street Flip
A midsize office in Costa Mesa near the Lab and Camp shopping centers has doubled in value in less than two years following a recently completed renovation.
A Villa Park-based LLC recently paid $6.8 million to buy 2755 Bristol St., a two-story office of about 32,000 square feet. It’s also known as Bristol Corporate Center and is across the street from a daycare and boarding facility for dogs.
The building was sold by an affiliate of Newport Beach-based Turner Real Estate Investments, which paid about $3.4 million for it at the end of 2012.
Turner recently completed an overhaul of the multitenant office, including a facelift of the two-story building’s façade, landscaping and common areas. The commercial developer worked with Santa Monica-based M. Elle Designs on the refurbishment project.
“We knew that some minor, but highly impactful changes to the building would further increase the building’s future value for disposition,” said Rusty Turner, Turner Real Estate Investments’ president and chief executive.
The developer worked with Brian Garbutt and Allen Basso, brokers with the Irvine office of Lee & Associates Commercial Real Estate Services, on the sale of the office.
$7M Renovation
Vanguard University in Costa Mesa has kicked off the renovation of one its campus’ largest facilities.
The private university held a groundbreaking event this month for the updating of its Scott Academic Center. The building currently serves as the hub of the school’s student services and includes admissions, financial aid, accounting and registrar offices.
The renovations, estimated to be $7 million, will include 10 new classrooms, a cafe, expanded core programs, and other interior and exterior improvements.
