The Deal Sheet
Tustin-based Coreland Cos has won five new SoCal leasing assignments totaling more than 65k SF, including the BOSC Realty Advisors’ Montclair Shoppes, a 20k SF ground-up development in Montclair. The neighborhood shopping center will be completed in the fall of 2014. (So start lining up for next year's Black Friday now, and try to avoid the jackhammers.)
Coreland senior associate of retail brokerage Ben Terry (snapped with his wife Jenny) tells us that Montclair Shoppes ought to be able to attract retailers who aren't in the market yet because of its visibility and demographics that draw customers in LA County, Orange County, and the Inland Empire. Terry and Coreland director of retail brokerage Matt Hammond will handle the leasing assignment for Montclair Shoppes, as well as TerraCotta Group's 3305 Newport Blvd, Spaulding Pacific's Golden West Plaza in El Monte, Harbor Center in Costa Mesa, and 13011 Chapman Ave in Orange.
CONSTRUCTION & DEVELOPMENT
Bixby Land Co acquired the 45k SF 18231 W McDurmott in Irvine. The company has tapped the architecture firm LPA to redesign the building, which will accommodate three tenants of about 15k SF each when completed by mid-2014. The new project, which Bixby is calling "gen2," is its seventh value-add renovation in the past 24 months for the company. Gen2 will feature sustainable materials, entry points with horizontal wood elements, and a "Bixby Retreat," an outdoor gathering area that's an extension of collaborative interior spaces.
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John Sergio Fisher & Associates
Driver SPG is handling the expansion project for the Discovery Pavilion expansion at the Discovery Science Center in Santa Ana. The two-level, 43k SF addition will include space for new interactive exhibits, as well as a 10k SF theater with 500 retractable seats. Construction is beginning this month and will finish in late 2014. The museum, which houses 120 educational exhibits, currently receives more than 500,000 visitors each year, a capacity that will double on completion of the new pavilion. The architect on the project is John Sergio Fisher & Associates, while Driver SPG's project team includes Karl Kreutziger, Matt Loorya, Kelly Eliason, Brett Montgomery, Matt Moser, and Mike Sosa.
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Snapped at UnitedHealthcare's reopened its newly renovated Asian Plaza store in Alhambra: community leaders and UnitedHealthcare execs marking the location's renovations. The newly renovated 2,400 SF consumer support center, which originally opened in 2008, serves the healthcare needs of Chinese-American Medicare beneficiaries in greater LA and Orange County. UnitedHealthcare was one of the first health insurers to establish customer support storefronts when it opened the Chinatown Asian Plaza in New York City in 1994 to provide healthcare services to the Chinese-American community.
LEASING
Bonefish Grill opened its first California location at The Market Place in Tustin, occupying 5,200 SF. The Tustin locale was also selected to introduce the Florida-based chain's new design, which will (among other design elements) include a massive bonefish image fabricated from polished stainless steel "sequined" scales. Bonefish Grill currently operates 194 restaurants in 34 states.
SALES
In separate transactions, Ladera Ranch-based Strategic Storage Trust purchased five self-storage properties located in the greater Dallas-Fort Worth and Midland, Texas, markets and four self-storage properties located in Alabama and Tennessee. The portfolio totals nearly 400k SF and 2,800 units and was acquired for a total aggregate purchase price of about $28M. All nine facilities will be re-branded under the SmartStop Self Storage trade name.
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The 60k SF industrial building at 1601 E Orangethorpe in Fullerton traded hands for more than $5M. Lee & Associate's Kurt Bruggeman and John Sullivan, in the company's Irvine office, repped the buyer, McKenna Equities. The seller, NMI Steel Co, was repped by Ryan Peterson and Tom Caplan of CBRE.
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The 6,400 SF retail property at 111 W 17th and 114-120 W 18th St in Santa Ana traded hands for $935,000. Hanley Investment Group Real Estate Advisors' Jonathan Selznick repped the seller, a private investor based in Apple Valley, Calif., while Marcus & Millichap's Joseph Lising in the Irvine office repped the buyer, an Orange County family trust. The building was built in 1962 and is currently occupied by Century 21 Real Estate on the ground floor.
EXECUTIVE MOVES
DTZ named Thomas Taylor EVP and managing director to lead the company's Orange County office. Previously Thomas was EVP at Transwestern, and he spent 26 years at Newmark Grubb Knight Frank (formerly Grubb & Ellis). Anya Ostry is also joining DTZ from Transwestern, as a senior associate.
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McCarthy Building Cos hired Michael Benford as business development manager, commercial services for the firm's SoCal division. Michael will be based in McCarthy's Newport Beach office, focusing on entertainment, transportation, science and technology, and other markets in the commercial building sector.
