A trio of buildings in Irvine owned by local real estate investor LBA Realty are on the market for sale and could fetch upward of $100 million.
They include a pair of neighboring offices near John Wayne Airport and another building in the Irvine Spectrum.
The biggest is the 2300 Main Street office, a five-story office at Main Street and Von Karman Avenue that totals about 132,000 square feet. A 65,000-square-foot office that LBA owns next door, at 17900 Von Karman Ave., also is on the market.
The two multitenant buildings, which together make up the Main Corporate Center office campus, could command a sale price in the $70 million range, according to a report in trade publication Real Estate Alert.
The two buildings are across the street from one of LBA’s more high-profile offices, the 12-story Oracle Tower at 17901 Von Karman. That 273,000-square-foot office is not up for sale, according to sources.
The building for sale in the Spectrum is 58 Discovery, a two-story office that runs along the Laguna (133) Freeway, about halfway between the San Diego (405) and Santa Ana (I-5) freeways. The 127,030-square-foot building is fully leased to an aerospace and defense company, and it could draw offers in excess of $30 million, according to sources.
The planned sales come a few months after LBA closed on one of the area’s larger industrial purchases the area has seen of late, a 35-building portfolio of Orange County properties last owned by Los Angeles-based Kilroy Realty Corp.
The buildings, totaling about 1.7 million square feet, sold at the end of 2012 for about $144 million, according to CoStar Group Inc. records.
Infill Growth
Irvine-based Melia Homes, an infill builder that started up operations in 2009, said it is planning to move ahead with three OC projects and another in L.A. County as a follow-up to a strong 2012.
The company said it recently closed on the purchase of four land parcels, including two sites in Costa Mesa and another in Stanton.
Plans call for the company to open an 11-home project in Costa Mesa’s Westside, a 12-unit project in the city’s Eastside, and a 15-unit development in Stanton.
Those projects, along with a 17-unit development in the L.A. County city of La Verne, should open next year.
The company’s initial projects included a pair of projects in Costa Mesa and another two sites in Anaheim. Each of those developments has sold out, according to the company’s website.
Melia ranked as OC’s 17th-largest homebuilder last year, with a reported 37 new home sales, according to the Business Journal’s ranking of builders last month.
The company said it generated more than $22 million in sales during 2012, its first year on the list.
President BJ Delzer said the privately held builder is on the lookout for other land deals across the Southland.
“Our vision is to develop both attached and detached product ranging from the $400,000s to $1 million,” he said.
Delzer, a real estate developer with more than 20 years of experience, previously was co-president of shuttered Irvine builder Granite Homes.
MIG Growth
Newport Beach-based real estate investor MIG Real Estate LLC has snapped up an apartment complex in Scottsdale, Ariz., and an office in Austin, Texas, for its latest investments.
It bought Acacia Creek, a 304-unit complex on about 14 acres of land in Scottsdale, from Chicago-based Equity Residential.
Trade reports put an estimated sale price of the complex at around $40 million.
In Austin, the company bought Barton Oaks Plaza, a 99,404-square-foot office.
Terms of the Austin deal, which closed early last month, weren’t disclosed. MIG Real Estate, the real estate arm of investment firm MIG Capital, said it has completed about $700 million in acquisitions since 2009. Nearly $300 million of those buys have come over the past year.
Paul Merage, the creator of Hot Pockets and a University of California, Irvine, benefactor, is MIG Capital’s chairman.
