Michael Nicholas Designs Inc., a family-owned furniture manufacturer in Buena Park, is expanding its manufacturing operations after buying a big industrial building in Fullerton.
The company, which sells its products at a variety of retailers, paid a little more than $12.6 million for 2330 Raymer Ave., a 139,592-square-foot industrial building about a mile north of the Riverside (91) Freeway.
The building, which brokerage records show as empty, traded hands for about $90 per square foot. Parkinson Enterprises Inc. in Fullerton was the seller.
Its new owners intend to use the property for their manufacturing operations and headquarters, according to Voit Real Estate Services’ Seth Davenport, who along with colleague Mitch Zehner represented Michael Nicholas in the deal.
The sellers were represented by CBRE Group Inc.’s Gary Stache, Anthony DeLorenzo, Pat Scruggs, Shin Kim and Sean Ward.
The location is a sizable increase in space for Michael Nicholas, which has been operating out of a 54,000-square-foot facility it owns in Buena Park.
That 6259 Descanso Ave. building is now being listed for sale by Davenport and Zehner with an asking price of about $7.5 million.
Brea Extension
Wurth Louis and Co., a Brea-based distributor of woodworking supplies, has signed a new lease for its existing headquarters.
The company signed a five-year extension for its space at 895 Columbia St., a 115,494-square-foot industrial building a few blocks north of Lambert Road. Terms of the new lease were not disclosed.
Louis Tomaselli and Garrett McClelland, brokers with the Irvine office of JLL, represented Wurth Louis in the lease. The landlord, Louis Investment Co., was represented by Doug Himes of Lee & Associates Commercial Real Estate Services.
The new lease “provided greater flexibility and less operational downtime expected with moving into a new location,” McClelland said.
New Voit Exec
Newport Beach-based Voit Real Estate Services has named Eric Hinkelman its new executive managing director.
He’ll have oversight responsibility of Voit’s Inland Empire, Orange County and Los Angeles operations and will work in partnership with Managing Director Ian Britton, according to Chief Executive Robert Voit, founder of the commercial brokerage.
Hinkelman previously served as senior managing director for Cushman & Wakefield Inc., overseeing the company’s OC and South Bay operations.
He’ll be based in Voit’s Irvine office, which ranked as Orange County’s fifth largest commercial brokerage last year with about $1.1 billion worth of sales and leases.
SRG Adding Partner
Irvine-based Sares-Regis Group, one of the area’s most active industrial and apartment developers over the past few years, has announced plans to bring on a new partner.
Christopher Payne is joining the privately held firm as president of multifamily development, according to the company.
Payne, in addition to becoming a partner, will take on key management responsibilities held by Managing Director Geoffrey Stack, who plans to scale back his day-to-day involvement with the company he cofounded in 1993.
Payne previously worked 14 years for Arlington, Va.-based AvalonBay Communities and ran the Southern California multifamily development operations for the publicly traded company, one of the country’s largest apartment owners.
Sares-Regis manages a portfolio of more than 15,000 apartments valued at approximately $2.5 billion, as well as 20 million square feet of commercial properties.
It has more than 1,000 apartments under construction in Southern California. Projects the company plans include a 520-unit apartment development at the Park Place mixed-use campus in Irvine.
Correction
Despite some interest from potential buyers and marketing materials suggesting otherwise, brokers with Lee & Associates say that the 1683 Sunflower building in Costa Mesa is not on the market for sale, contrary to what was written in last week’s Real Estate column.
The building, which fronts the San Diego (405) Freeway, does have about 110,000 square feet of space available for lease. Lee & Associates’ Ryan Swanson and Kurt Bruggeman have the listing for the industrial building.
