Dallas-based Conifer Health Solutions has renewed its lease at Arena Corporate Center in Anaheim in one of the larger office leases Orange County has seen in recent months.
Brokers with the Newport Beach office of Newmark Grubb Knight Frank said the medical billing company, a unit of Tenet Healthcare Corp., restructured its lease at the center, a three-building complex next to the Honda Center.
The new lease means the company will occupy 90,124-square-feet of space at two buildings at the complex, at 1400 and 1500 Douglass Road.
Terms of the long-term lease weren’t disclosed.
Other space at the complex commands monthly rents of $1.35 per square foot, according to brokerage data.
Other tenants at the 383,250-square-foot center include Irvine-based Advantage Sales & Marketing and CashCall Inc., which has its headquarters at the complex.
Conifer consolidated much of its California operations in Anaheim about two years ago. The company provides billing and other business process products to more than 600 clients, primarily hospitals.
The company was created in 2008, when Tenet Healthcare, a Dallas-based hospital operator with several local facilities, combined its communications arm and its patient financial services unit.
Justin Hodgdon and Drew Netherton, senior managing directors with Newmark Grubb Knight Frank, represented Conifer in the lease. They began advising the company this year while at their former employer, DTZ.
John Harty of Voit Real Estate Services’ Irvine office represented the landlord, Washington, D.C.-based Multi-Employer Property Trust.
New Credit
Irvine-based homebuilder TRI Pointe Homes Inc. has lined up $125 million in new financing.
The company, which went public via an initial public offering early this year, said in regulatory filings that it entered into a secured, three-year revolving credit facility with U.S. Bank National Association of Minneapolis.
The financing deal matures on July 18, 2016, with the potential for a one-year extension of the loan’s term, according to the filings.
The credit facility is expected to be used in order to develop and build single-family residential lots and homes, as well as aquire land.
TRI Pointe, among its recently announced land deals, said last month it bought 32 single-family lots in Milpitas. The opening of the project, called Los Coches, is planned for the second half of 2014.
TRI Pointe raised $232.7 million in its late-January IPO. The company had a recent market value of about $480 million.
NAI Moving
The Orange County office of NAI Capital is moving from Newport Beach to Irvine.
The brokerage―which last year ranked as OC’s ninth-largest by the value of its lease and sales transactions, with a reported $589 million in deals―is relocating to new offices on the ground floor of the 1920 Main Street building.
The 12-story building, part of the Irvine Concourse office campus, is owned by Shorenstein Properties of San Francisco.
NAI Capital’s local office now has about 30 commercial real estate brokers and is growing, thanks to the acquisition of its parent company by a well-funded investor last year, according to Brian Childs, executive vice president and branch manager of the OC office.
“We have seen our commercial brokerage business increase significantly since the purchase of NAI Global by CIII Capital Partners LLC last year,” Childs said. “We are positioned to take full advantage of current market trends.”
The brokerage’s local office had been on Von Karman Avenue near the Newport Beach-Irvine city line.
Hotels Open
Irvine-based hotel developer R.D. Olson Development has opened the doors for the first hotel project seen in Tustin in more than 15 years.
The company’s just-opened Tustin Pacific Center has two hotels—a 149-suite Residence Inn and a 145-room Fairfield Inn & Suites—and cost $60 million to build.
The 8.4-acre project, including 16,180 square feet of retail space, runs about 196,000 square feet.
It is next to the Costa Mesa (55) Freeway near Edinger Avenue.
R.D. Olson’s construction division completed the project 30 days ahead of schedule, according to the company.
