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Westcore has divested itself of $123M in SoCal industrial and office properties in the past two months. (Everyone slims down for bikini season.)  Westcore Properties sold the 115k SF Westcore Executive Center in San Juan Capistrano to a private buyer for almost $24M, following a four-year stabilization. Westcore Properties chairman Marc Brutten tells us they chose to sell because of the leasing success (it's now at 85%) and positive trends in the South Orange County office market overall. Marc isn't just a real estate whiz: here he's atop the podium, as the winner of a jiu jitsu championship.  Westcore bought the vintage '07 property at 29122 and 29222 Rancho Viejo Rd out of foreclosure in '10 when occupancy was at 30%. Tenants include Cosco Fire Protection and Global Financial Data, who enjoy an unusual amenity: an outdoor central courtyard with a 30-foot steel wooly mammoth sculpture by SoCal artist Danny Salzhandler. (If someone wants to argue good amenities are extinct, let this be exhibit A.) Cushman & Wakefield's Jeff Chiate, Jeff Cole, Ed Hernandez, and John Gallivan repped Westcore Properties. |
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Sellers' Market in Industrial |
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 CT Realty EVP Marc Belluomini tells us it's absolutely a seller's market in OC, IE, and all of SoCal industrial for that matter. It's a simple equation: demand is outpacing supply, and demand is strong because logistics firms are expanding. Recently Aliso Viejo-based CT sold a 225k SF warehouse/distribution building, 16875 Heacock St, in Moreno Valley to First Industrial Acquisitions of Chicago for $10M. The 14-acre property is on the grounds of the March Air Reserve Base within the larger airport-related development known as the March Inland Port. |
 The Heacock facility features 32 docks with 32-foot minimum clear height (perfect for you and 31 of your tallest friends) and 142 trailer parking stalls. About a year ago, CT inked a five-year lease with DDI Distributions for all of the building, making it an especially desirable property for investors. Though the market generally favors sellers, Marc says, that doesn't mean CT isn't looking to buy if the deal's right, especially properties that support the twin ports of Los Angeles and Long Beach. |
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What You Don't Know About Ken Ryan Position: Principal and head of KTGY's Community Planning and Urban Design Studio Background: Over 30 years in complex projects and has served as a local and regional public official, including two terms as mayor of Yorba Linda and chairman of the Foothill/Eastern Transportation Corridor Agency. KTGY serves as the urban design advisor to the City of Anaheim and prepared the Master Plan and the Mixed-Use District Conceptual Development Guidelines for the Anaheim Regional Transportation Intermodal Center (ARTIC). Picture Taken: Ken with his twin boys at the 2012 NFL Season Opener at Lambeau Field. Recent Projects: The LEED Platinum ARTIC, opening in December; Chapman University in Orange; La Entrada in the City of Coachella, Riverside County; La Floresta in Brea; and El Toro in Orange County. Favorite Song: “Baba O'Riley” by The Who. Favorite Music Group: Rush, Kinks, and The Who. Favorite Vacation: Exploring the Big Island, Hawaii. Favorite Book: Alive: The Story of the Andes Survivors by Piers Paul Read. Favorite Food: Sushi. Startling Fact: I was an Olympic Fanfare trumpeter in the 1984 Los Angeles Olympic Games. |
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California, the Livability State Livability.com released its Top 100 Most Livable Cities in America, and over a fifth are in California. The study evaluated more than 2,000 mid-sized and small cities (sorry, New York, Chicago, and you other big guys), and ranked them in eight categories: economics, housing, amenities, infrastructure, demographics, social and civic capital, education, and healthcare. Among OC cities, Fullerton (No. 49) came in highest, then Irvine (No. 53, pictured) and Costa Mesa (No. 68). Among California cities, Palo Alto (No. 5) topped the list and others include Berkeley, Santa Clara, San Mateo, Santa Barbara, Pasadena, Ventura, Sunnyvale, Santa Monica, San Rafael, Alameda, Santa Cruz, Monterey, Santa Rosa, Goleta, Menlo Park, Burbank, and Haywood. (Madison, Wis., was No. 1. A fine city, but a little cold in winter.) |
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Meet Bisnow's Sean Spear Sean Spear is the Bisnow man in Orange County, and he's pumped to take a meeting with you. However, don't be surprised if he makes a call in his wetsuit: He's a surfer boy, who's also conquering CrossFit and training for a Half Ironman. Sean's applying the intensity, team-building, and all-around cosmic rush of extreme sports to your company's goals. Since graduating USC and studying business (with an emphasis on real estate, which makes us so proud of our Sigma Chi), Sean's been building the Bisnow beat in an area he knows well and considers paradise. He's all about teamwork, since playing center field on the USC baseball team and co-founding Society's Needs, which sells merchandise to students and then gives back to the community. He's also taught English in China and built homes in Mexico. Catch some of Sean's awesome energy before he catches the next wave. Contact him at sean.spear@bisnow.com or on (818) 661-0228. |
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Don't Miss the Office of the Future!Creative, innovative office space isn't just for Silicon Valley any more; it's now arriving in OC. Come hear more at Bisnow's OC Office of the Future event on Tuesday, Sept. 30 at the gen2 Building (18231 W McDurmott) in Irvine, which itself is a cutting-edge design by Bixby Land Co. The event will also be your chance to see some raw space in the building. Our expert lineup includes DBaC's Bruce Asper, Bixby Land's Aaron Hill, IA Interior Architects Brian Koshley, Tangram's Joe Lozowski, Prudential Real Estate Investors Clarke Michalak, Greenlaw Partners' Scott Murray, Cross Campus' Ronen Olshansky, and CapRock Partners Jonathan Pharris. Sign up for the event here. |
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NEW EDUCATION VIDEO #6 Debt: can't live with it, can't live without it. Our latest Bisnow Education video, Debt, explains how an empty pocket can feel so full (or can burn an unrepairable hole). Whereas acquiring debt can leverage you into superstardom, it can also implode your property dreams if you don't respect your foe. Peter Linneman, Wharton's real estate program founder and chairman, shows you how to play the debt game by mastering the subtleties and nuances of building your empire with other people's money. Topics include:
This is video No. 6 in our hugely popular educational series, with more to come. Purchase it for your staff, for your training classes, or for your own personal dreams of conquest. Peter makes it easy so that you can watch it anytime/anywhere and digest the information in bite-sized, five-minute spoonfuls (watch a sample here). It's available to Bisnow readers for only $99, or purchase all six videos for $499. Order yours here, and for training program group licenses, email Will Friend at will@bisnow.com. |
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