Real estate briefly: Former Van’s HQ in Cypress has a new tenant
The former Van’s headquarters in Cypress has been leased to Primary Color Systems, which is consolidating its base in Orange County. CBRE completed the 187,481-square-foot, 10-year industrial lease; terms were not disclosed. Primary Color Systems is combining its Orange County and South Bay operations into the Cypress facility. The visual solutions provider had occupied facilities in Costa Mesa, Irvine and El Segundo. The company has sales offices in San Francisco and Atlanta and operations in Hollywood and Shanghai. CBRE’s Nick Spatafore represented the tenant, together with Wade Tift of Jones Lang LaSalle Inc. Rick Ellison of Cushman & Wakefield represented the landlord, Cypress Distribution Center.
JLL represented Mitchell International Inc. in a 16,457-square-foot office lease for expansion at 110 Theory Drive, a 63,412-square-foot building within University Research Park in Irvine. Mitchell International uses the space for its regional office. JLL Orange County Senior Vice President Curtis Ellmore and JLL San Diego Senior Vice President Damon Melda represented Mitchell International. The landlord, The Irvine Company, was represented in-house by Jeff Shaw and Mike Santley.
NAI Capital in Irvine has completed several leases totaling over 70,000 square feet with an overall value of $5 million. Recent lease transactions include:
–2030 Main St. in Irvine; $3.4 million; leased to Altair Engineering
–1201 Dove St. in Newport Beach; $1.8 million; leased to First Citizens Bank
–18881 Von Karman in Irvine; $180,000; leased to Bridgewater Consulting
–14815 Radburn in Santa Fe Springs; $400,000; leased to Glova-Link
–2611 W. Woodland, Anaheim: $350,000; leased to Nationwide Furniture Liquidators
The law firm of Callahan & Blaine has extended the lease term for its 32,000-square-foot office in Santa Ana. The firm has been a tenant in the 10-story tower at 3 Hutton Centre for more than 17 years. The property is owned by San Diego-based Cypress Office Properties. Chon Kantikovit, a managing director with Cushman & Wakefield’s Irvine office, represented the tenant.
NAI Capital’s Irvine office represented EBA&M Corp. in the purchase of an 18,074-square-foot office building in Irvine for $5.1 million. The seller was JVK-CA Holdings LLC. The property at 18002 Cowan in Orange County’s Airport submarket is a free-standing, two-story office facility and was built in 1981. EBA&M, a provider of administrative services for employer sponsored health plans, is the lone occupant and will use the office building for their operations. The property includes roughly 2,700 square feet of warehouse space. Senior vice president John Manion and associates Jeanene Stolrow and Austin Hillemann represented EBA&M.
Holliday Fenoglio Fowler in Newport Beach has closed the sale of and secured mezzanine financing for the DoubleTree by Hilton Hotel LAX – El Segundo. Terms were not disclosed. The 216-room, compact, full-service hotel is a joint venture between Argosy Real Estate Partners and Evolution Hospitality in San Clemente. Umbrella Hotel Group bought the hotel and was assisted in the sourcing, underwriting and loan assumption by Twenty Four Seven Hotels. The seven-story hotel features a junior Olympic-sized, heated, outdoor pool; 3,238 square feet of indoor meeting space and 625 square feet of poolside outdoor space; new fitness center; 24-hour business center and restaurant. The HFF investment sales team representing the seller was led by managing directors Tony Malk and Scott Hall. The HFF debt placement team representing the borrower was led by senior managing director James Fowler.
BNBuilders, with offices in Irvine, has been awarded the contract to build the county’s $4.3 million Mile Square Regional Park multi-purpose facility at 16801 Euclid St. in Fountain Valley. The new facility will house indoor recreation, meeting, and training space. BNBuilders will provide construction manager at risk services for both the pre-construction and construction phases. The project consists of building a 9,600-square-foot, semi-permanent, pre-engineered building made by Sprung Instant Structures. The facility will be approximately 80 feet wide, 120 feet long, and 45 feet high. It will host indoor community recreation activities, such as badminton and ping pong, and feature a digital audio and video system for when it’s used to host trainings, meetings, or other special events. The project was designed by Swift Lee Office. Construction is scheduled to begin in fall 2017 and be completed in spring 2018.
People in real estate
Steven Brombal and Joshua Rhee have joined Kidder Mathews’ Irvine office. They bring 36 years of combined multifamily brokerage and advisory experience. Their partnership will specialize in multifamily investment properties in the greater Orange County area. Brombal has been named senior vice president, and Rhee is an associate vice president. Before joining Kidder Mathews, the team was with Berkadia Real Estate Advisors in Orange County.
The real estate briefs are compiled by contributing writer Karen Levin and edited by Business Editor Samantha Gowen. Submit items to firstname.lastname@example.org. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.
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