Mark Mueller covers commercial and residential real estate for the Orange County Business Journal. His beat also includes title insurers and mortgage lenders, as well as government stories that relate to real estate. He can be reached at firstname.lastname@example.org.
Phone: 949-833-8373 Extension: 226
Dec. 4 will see a swearing-in ceremony for Anaheim’s two new city council members, one re-elected council member, and a new mayor, Harry Sidhu, a pro-business Republican candidate, Disney ally, and former city councilman.
Tech Giant Adds More Space and Jobs in Irvine
It’s a good time to own property leased to tech giant Google.
Spectrum, Costa Mesa Get 2nd spots
New York-based coworking giant WeWork Inc. has added two more prominent Orange County locations to its quickly expanding local portfolio, which now includes five existing and coming office spots that top 200,000 square feet combined.
$18.6M Buy as Duo Nabs Glaukos for AV Campus
It’s been an active few weeks for Newport Beach-based Stillwater Investment Group, a privately held investor in office, industrial, apartment and retail properties that’s been operating since 2014.
INNOVATION: $2.5M for Costa Mesa’s Nimble
Costa Mesa-based Nimble, a newly formed maker of what it’s promoting as sustainably made smartphone accessories, has raised $2.5 million to help fund growth.
AUTOMOTIVE: Zotye sets up in Lake Forest
Chinese carmaker Zotye Automobile International Co. plans to use a new Lake Forest-based distribution company to sell vehicles in the U.S. by 2020.
HOSPITALITY: 12-story project a mile from Disney
A contentious political climate in Anaheim over the past few months hasn’t stopped every high-end hotel project in the city from moving ahead.
REAL ESTATE: 3-office lease biggest in OC in 2018
Fast-growing medical device maker Glaukos Corp. is moving its headquarters from San Clemente to Aliso Viejo, after striking the largest office lease of the year in Orange County.
REAL ESTATE: Two of city’s three top sites sell
Institutional investors have bought two of the three largest apartment complexes in San Clemente in separate deals valued at about $230 million combined.
CBD Products Maker Growing Fast
Medterra, a Laguna Hills-based maker of cannabidiol oil and other CBD-related healthcare products that started operations last year, is taking a more prominent location in the Irvine Spectrum.
REAL ESTATE: Says OC deals becoming harder to find
Igor Olenicoff, Orange County’s second-wealthiest businessperson, doesn’t plan many local real estate acquisitions in the current frothy market.
Dual-Branded Model Makes Local Inroads
Hotel developers in and around Orange County are seeing double.
66-Year Lease Kicks Off For Est. $338M Project
The development “dream team” tasked with revitalizing Dana Point Harbor now has the keys to the nearly 300-acre waterfront site in South County, part of which will become one of the region’s largest commercial development sites over the next few years.
RETAIL: Tries to avoid gaudy liquidation plan
South Coast Plaza is known for luxe shops, exclusive brands and fine dining.
Eagan Avanatti Behind On Rent at Irvine Co. Tower
Newport Beach’s glitzy 520 Newport Center Drive building, which opened in 2014, could soon see its first notable eviction, along with its first big sublease of space.
IPOs, Relocations, New Markets Add to Ranks
It’s getting a bit harder to be one of Orange County’s fastest-growing public companies. But for those who make the cutoff, the payoff remains sweet.
HOSPITALITY: Hyatt Corp. sells to McWhinney
One of the newest hotels in the John Wayne Airport area has been snapped up by a hospitality investor and developer in Colorado.
HEALTHCARE: Irvine firm could nab $122M from offering
Irvine-based medical device maker Axonics Modulation Technologies Inc. is beefing up plans for going public.
‘Company in Transition’; Pivot to Affordability
Fast growth in sales hasn’t translated to stock gains for New Home Co.
Redwood West Pays $660 PSF for Two Buildings
Redwood West executives have a simple explanation for their recent $23.2 million purchase of Newport Beach’s Bayside Square office complex, a deal that ranks among the area’s priciest per square foot.
REAL ESTATE: NFL team’s HQ sells for $84 million
The Costa Mesa office complex that’s home to the operations of the Los Angeles Chargers football team has traded hands at a 75% premium to its prior sale.
REAL ESTATE: On pace for 600 sales this year
You could call City Ventures the Prius of homebuilders.
REAL ESTATE: $88M buy its largest to date
Newport Beach-based dental products maker Glidewell Laboratories, already one of the largest owner-users of commercial real estate in the area around John Wayne Airport, has made what appears to be its largest-ever local property acquisition.
Edinger Plaza Sale Tops For OC Retail This Year
Edinger Plaza, a 155,275-square-foot shopping center in Huntington Beach across the street from the city’s largest mall, Bella Terra, has changed hands.
HOSPITALITY: $415M value estimated for Sheraton
Newport Beach-based hospitality investor Eagle Four Partners is the latest local name taking notice of Colorado’s red-hot hotel market.
Sears Holdings Corp. plans to shutter its location at Costa Mesa’s South Coast Plaza as part of its just-announced Chapter 11 bankruptcy filing.
REAL ESTATE: Both in hub of rental developments
Two Central Orange County offices in Orange and Anaheim have traded hands in deals totaling about $61 million.
3-Acre Site Would Hold 370 Units and Run 424,000 SF
A 3-acre site in Irvine that’s across the street from the District at Tustin Legacy shopping center is being considered for a sizeable housing project for older residents.
INNOVATION: Irvine incubator adding startups
Much like the university down the road from its Irvine office, it’s getting harder for applicants to get accepted to startup incubator EvoNexus.
Incredible Locations ‘Are Going Away,’ Webb Says
New Home Co. isn’t cutting the prices of its homes in half, though it may seem that way based on a reading of the Aliso Viejo-based builder’s financials.
REAL ESTATE: Could construct two buildings
Goodman North America, one of the country’s largest industrial developers over the past six years, has made its first reported acquisition in Orange County, an existing property in Anaheim near the Santa Ana (5) and Riverside (91) freeways interchange.
SERVICES: Distributor keeps better-performing biz
Foundation Building Materials LLC, a Tustin-based distributor of wallboard, ceiling systems, and other products that’s used an aggressive roll-up acquisition strategy to build its business, is hitting the reset button.
Royalty Carpet Building Next to Irvine HQ Razed
There’s one less industrial building on Red Hill Avenue in Irvine.
233 Units Proposed Along Sunflower, Near 580 Site
The developer of 580 Anton, the first upscale apartment project in the Costa Mesa arts district area in a decade, has a second residential project in the works a few blocks away, just over the city line in Santa Ana.
REAL ESTATE: Latest big-dollar sale near JWA
Plano, Texas-based real estate investor Granite Properties has completed the largest single-property office deal of the year in the John Wayne Airport area, snapping up Newport Beach’s 100 Bayview complex.
Other items of interest Orange County Business Journal Vol. 41, No. 39
The Orange County Museum of Art hired Sarah Jesse as deputy director.
INNOVATION: Largest co-working lease in OC
WeWork Inc. has plans to open the largest co-working space in Orange County, at the newly-built Boardwalk office development near John Wayne Airport.
Signs of the Times
The leaves don’t change much in Irvine during the fall; the best sense you’ll get that November is approaching in OC’s fastest-growing city is the fast-growing collection of political signs dotting the area’s main thoroughfares, which have been popping up since before Labor Day. Anyone hoping for a respite in negativity and obfuscation in the city’s campaigning (which peaked with June’s Veterans Cemetery referendum) is bound to be let down.
REAL ESTATE: Office to be converted to industrial
One of Huntington Beach’s largest office buildings has sold, and is expected to make way for an industrial park.
100-Unit Project on Street Busy With Apartments
The city of Laguna Niguel could soon see one of its largest for-sale housing developments in years go up on an office site near Crown Valley Road and the San Diego (5) Freeway.
HEALTHCARE: $95M commitment; OAB focus
Urovant Sciences Ltd., an Irvine-based clinical-stage biopharma company focused on developing and commercializing drugs for urologic conditions, has inked a deal for a second product candidate.
EDUCATION: six-story structure to hold new hires
Work has started on a sizeable new science and engineering facility at the University of California-Irvine, designed to foster cross-disciplinary research in engineering, computing and physical sciences.
Other items of interest Orange County Business Journal Vol. 41, No. 38
Allergan PLC is buying Newport Beach-based Bonti Inc. for $195 million.
REAL ESTATE: Panattoni, Stillwater pay $12 million
Panattoni Development Co., one of the country’s largest industrial developers, plans to move its headquarters from Newport Beach to Irvine, after investing in two buildings last owned by Allergan PLC.
Site Near MainPlace Mall To Get 727 Residences
A nearly 12-acre site close to Santa Ana’s MainPlace Mall that’s being eyed for a residential development has changed hands for an eye-opening price.
REAL ESTATE: $106M deal; creative-office perks planned
The Atrium building in Irvine, one of the most unique office properties in the area around John Wayne Airport, has a new owner—and plans for a major renovation.
REAL ESTATE: JWA portfolio has 8 buildings, totals 520,000 SF
An eight-building portfolio of office buildings in Newport Beach and Irvine has sold for about $160 million, the most expensive Orange County office transaction so far this year.
Costa Mesa-based Opkix Inc. raised $5.7 million in a Series B round as it nears production on a premium, wearable smart camera.
Offices Near 23-Home Lido Villas Development
Landsea Homes has moved a little closer to the sea, and to one of its more upscale developments.
REAL ESTATE: 15 acres in Santa Ana; $43.5 million
Ricoh Electronics Inc., a Tustin-based maker of digital copiers, printed circuit boards, scanners, printers and other products that’s long been one of Orange County’s largest manufacturers, has sold one of its big area properties, a nearly 15-acre site it owned on Red Hill Avenue in Santa Ana.