Chicago-based JLL, whose Irvine office is one of the largest commercial brokerages here, has added an Orange County-based appraisal office to its operations in its latest area acquisition.
The company recently completed the buy of the OC affiliate of Integra Realty Resources, a Denver-based commercial real estate valuation, counseling and advisory firm.
Terms of the deal were undisclosed.
Seven Integra employees who worked in Laguna Hills will join JLL’s local office and be part of the company’s Valuation & Advisory Services for the West Coast.
Steve Calandra will lead the group’s Southern California operations, according to JLL.
The brokerage has been snapping up other Integra affiliates in an effort to boost its appraisal services, with deals in Houston, Dallas, Chicago and Florida announced in the past year.
“With the addition of seven professionals in Southern California, we now offer coast-to-coast service to our clients, said Michael Welch, JLL Head of Valuation & Advisory Services, in a statement. “We continue to be committed to this expansion, and expect to grow our presence in several other key markets and regions.”
Welch previously served as Integra’s chairman and chief executive, and joined JLL last year.
Integra’s OC office was formed in 2000. It provides consulting, valuation, feasibility and market study services for commercial office, industrial, retail, multifamily, hospitality and vacant land properties.
It also specializes in niche product types, including manufactured housing, self-storage and credit tenant net lease properties.
Calandra has more than 20 years of experience in the industry, and provides appraisal and consulting services to lenders, pension funds, REITs, law firms, government agencies, school districts and builders, according to the company.
The Integra deal marks the fourth local acquisition in six years for JLL, which ranks No. 5 among commercial brokerages in OC by deal volume.
In 2012 it bought the operations of 360 Commercial Partners, a boutique brokerage in Irvine; in 2014 it bought Cleo Construction Management, a healthcare project management company based in San Clemente; and in 2015 it bought Newport Beach-based Martin Potts & Associates, which offers third-party project and construction management services.
Beauty Lease
Real estate investment adviser Bentall Kennedy has leased out the last large block of space at its Anaheim Concourse industrial project, which it bought last year.
The Toronto-based real estate money manager, whose U.S. operations are based in Seattle, recently grabbed beauty products supplier Daisy Nail Polish for a 132,000-square-foot lease at its 3335 E. La Palma building, which was built in 2015.
The 86-month lease was brokered by CBRE Group Inc.’s Brad Bierbaum and Ryan Patterson. CoStar Group Inc. data show monthly asking rents for the building at about 80 cents per square foot.
Bentall Kennedy paid about $188 million for seven buildings totaling close to 965,000 square feet at Anaheim Concourse in October, in one of the larger local industrial buys in years.
Landsea Lots
Irvine-based Landsea Homes, the U.S. division of Chinese real estate firm Landsea Group, has added a big development site near Silicon Valley to its portfolio as it prepares to open its first local housing project.
Landsea Homes said last month it bought Sanctuary Village, a 78-acre site slated to hold a 386-home master planned community in the East Bay city of Newark.
It bought it from Cupertino-based Sobrato Development Co. for an undisclosed amount. Sobrato got the site entitled for homes in 2015, according to local news reports. A date from the project’s opening hasn’t been announced.
Sanctuary Village’s homes will range in size from 2,000 square feet to 3,500 square feet, according to the builder, which has a few other housing projects in Northern California. Its first development there, in Dublin, opened in 2015. It also has projects under way in Sunnyvale, Walnut Creek and Milpitas.
The purchase comes as Landsea’s initial project in OC, Lake Forest’s IronRidge development, is readying for a September opening, according to the builder’s website.
IronRidge will hold 313 single-family detached homes and 233 townhomes; Landsea bought the land—next to Baldwin & Son’s Oaks at Portola Hills development—in 2015 for a reported $190 million.
IronRidge will hold homes starting around $500,000 for its smallest units, as well as larger offerings whose starting prices will be about $1.2 million.
