COWORKING: 3 floors now, 2 more later
WeWork has struck a huge deal to occupy the bulk of a five-story office near John Wayne Airport, its latest notable lease in Irvine this year.
Fry’s Electronics Store In Line for Reworking
With empty land scarce for industrial developers in Southern California, San Francisco-based Prologis Inc. is taking a new approach: converting sites now used by retailers into warehouses.
ARCHITECTURE: New hotel, food hall, shark tank
“There’s nothing like this in Orange County,” said Tom Bergerson.
$126M in Luxe Newport Beach Sales Since June
August brought a flurry of high-end home sales in Newport Beach.
$35M Sale For Custom Mansion
A sprawling Newport Harbor estate that garnered its share of local and international attention in the past year sold late last month for $35 million.
Trio of Buildings Will Run 610K SF
Sares Regis Group has started ground-up construction on Huntington Gateway Business Park, the largest new industrial project currently on the books in the county.
Six Properties Include LA Tower
Newport Beach-based KBS Realty Advisors plans to sell the remaining office portfolio of KBS REIT II, one of the firm’s nontraded investment trusts.
San Francisco-based industrial developer Prologis (NYSE: PLD) paid $40 million for a 12-acre site in Anaheim.
Schreiber Notes Strong Leasing
Chuck Schreiber, CEO and co-founder of Newport Beach-based KBS Realty Advisors, struck an optimistic tone when discussing current commercial real estate market conditions at a recent industry conference.
REAL ESTATE: 60K-SF complex fetches $840 PSF
A newly built medical office complex in Newport Beach has traded hands at one of the highest per square foot prices ever seen for a non-hotel property in Orange County.
$54.5M in Colo. Springs; Big Millennial Market
Newport Beach-based Buchanan Street Partners is ramping up its multifamily portfolio outside of California.
Buchanan Street Partners bought an apartment complex in Colorado Springs.
HOSPITALITY: 485-room sold by CBRE offshoot
The Irvine Marriott, the city’s second-largest hotel by room count, has quietly changed hands at a more than 33% premium to its last trade in 2015.
Sales Slowing In Pricy Submarket
For luxe listings in Laguna Beach, it’s all about finding the right price—for the seller.
Down the Street From Cuban Home
A Laguna Beach estate near Mark Cuban’s $19 million vacation home has traded hands for about the same price, records indicate.
334 Homes Planned; 2021 Opening
Newport Beach-based Landsea Homes is the latest local homebuilder looking to boost sales of lower-priced houses in the Inland Empire.
Host Hotel Says Deal Imminent
Shortly after selling the Newport Beach Marriott Bayview in the largest local hotel sale in nearly a year, Host Hotels & Resorts is looking to unload another local property.
SunCal Project Inks Trade Agreement
There are signs of life for a high-profile downtown Los Angeles project being overseen by Irvine’s SunCal Cos.
OC Coworking Firms Add Large Users, Square Footage
PepsiCo Inc.’s decision to quietly move a good portion of its western U.S. operations to Irvine’s 2-year-old The Boardwalk office campus along Jamboree Road is a testament to the growing, and changing, role that shared space operators play in Orange County’s business community.
Newport Beach-based Landsea Homes bought 334 lots at Ontario Ranch, and 8,200-acre master plan near Interstate 15 and the Pomona (60) Freeway.
Stock indexes rallied during Monday midday trading after the White House signaled progress on trade negotiations, and news that the government would extend a 90-day temporary license allowing China’s Huawei Technologies to continue doing business with U.S. firms. (continue reading)
REAL ESTATE: Fourth OC buy for Drawbridge
Santa Ana’s office market continues to be a prime source of large local deals this year, after the two-building Pacific Center complex in the city traded hands for about $97.5 million.
Strong Profit Margins At Great Park
If there’s an effect of the U.S.-China trade wars being felt in Orange County, don’t look to Irvine’s Great Park Neighborhoods.
$202M in Sales For Equipment Lessor
Pacific Rim Capital Inc., already the country’s largest independent lessor of forklifts, cranes and other material-handling equipment, has more growth in the works.
Premier Workspaces Retains Top Spot, for Now
WeWork’s recently filed plans for an initial public offering—one that values the company at nearly $47 billion—has all eyes on coworking; but the spotlight on the shared space office sector has been on—and getting brighter—for years.
$3.3B in Assets In Portfolio
Irvine-based real estate investor and developer Steadfast Cos. plans to merge three nontraded real estate investment trusts it oversees into one combined entity with a combined $3.3 billion in real estate assets, primarily apartments.
REAL ESTATE: Tenants join WeWork at complex
Two of the area’s; faster-growing private companies—sports fitness device firm Hyperice and Kajabi LLC, a website creation platform for small businesses and online entrepreneurs—are planning their next stages of growth at Irvine’s newest office park.
Irvine-based Steadfast Cos. will merge three non-traded real estate investment trusts into one entity with $3.3 billion in assets, including 71 properties across 14 states.
Los Angeles Angels of Anaheim centerfielder Mike Trout paid $9.2 million for a Newport Beach home.
U.S. stocks declined during midday trading following continued unrest in Hong Kong and U.S.-China trade tensions. (continue reading)
Restaurants Boost, Benefit From Meetings & Events
The second-most asked question at meetings and events is “Which way to the ___________ Ballroom?”
The future home of 39 Commons is about a mile south of Knott’s Berry Farm in Buena Park.
Plans 178-Unit Apartment Project
Vancouver-based developer Intracorp, one of the few developers of for-sale housing in the Irvine Business Complex the past few years, is adding an apartment development to its local portfolio.
424,000-SF Deal For La Palma building
A 424,000-square-foot lease has been inked in La Palma, in one of the largest area industrial deals in the past few years.
Redevelopment in Store; New Building Possible
Renovations and a major expansion are being considered for a 95,000-square-foot Tustin building that traded hands last month for nearly $20 million.
REAL ESTATE: Homes and grocery store planned
A long-vacant, 30-acre site on the western side of Anaheim will soon see an ambitious, and recently reworked, mixed-use development featuring retail uses and for-sale homes break ground.
Local Pullback In Chinese Investment
Orange County continues to experience a pullback in foreign investment—specifically from Chinese buyers—for high-end homes, according to local real estate experts, who say that downward pressure on prices and the volume of sales are likely to result.
6 Bedrooms; Includes Elevator
A six-bedroom home in the Harbor Ridge neighborhood of Newport Beach has sold for $9.2 million, property records indicate.
Quiet Logistics leased a 424,000-square-foot industrial building in La Palma.
Intracorp closed on an Irvine parcel that will hold 178 apartment units. It's also building in Fullerton.
John Wayne Airport passenger traffic decreased 3.4% in June to 919,000 compared with the same month last year.
REAL ESTATE: Grocer staying on as tenant
Albertsons Cos.’ sprawling Irvine distribution center, which includes the largest industrial building in South Orange County, has traded hands in a sale-leaseback deal for about $278 million, the Business Journal has learned.
Local hotels saw higher daily rates and revenue per available room on lower occupancy levels in June, CBRE Hotels said.
Long Beach Airport traffic decreased 13% year-over-year in June to 307,000 passengers; year-to-date traffic is down nearly 16% to 1.7 million passengers.
HOMEBUILDING: Wants lower debt, cheaper homes
Times have changed since the last time New Home Co. (NYSE: NWHM) founder Larry Webb departed a company as chief executive.
Major U.S. indexes plunged more than 2% apiece during midday trading following the weakening of the Chinese yuan against the dollar, the latest sign of trade war tensions.
EDUCATION: Nearly 4,000 new units proposed
The University of California-Irvine is looking to boost its on-campus housing allowance, adding nearly 4,000 apartments for undergraduates and graduate students.
Industrial Lease Among Top Near JWA This Year
Consumer goods distributor P&P Imports LLC is blowing up.
229,000-SF Complex More Than 90% Leased
Brea Corporate Park, a seven-building office complex along Imperial Highway, has been listed for sale.