Drawbridge Realty, a real estate investment platform backed by KKR, has bought Pacific Center in Santa Ana for $97.5 million.
Pacific Center, a 390,600-square-foot, two-building office campus at 1600-1610 East Saint Andrew Place, was renovated in 2017 and has tenants that include Nationstar Mortgage, Advantage Sales and Marketing, Collectors Universe and Career Networks Institute.
The seller, a joint venture of Los Angeles-based PCCP and Costa Mesa-based Brookhollow, was represented by Kevin Shannon, Paul Jones, Brunson Howard, Blake Bokosky, and Brandon White of Newmark Knight Frank.
New tenants for Irvine Co.
The Irvine Company has signed four new leases totaling 194,000 square feet at two of its Irvine complexes.
All four companies, Kajabi, Hyperice, WeWork and Pacific Rim Capital, are expanding their footprints at Spectrum Terrace or Discovery Park, the landlord said in a statement.
Kajabi, an online business platform for entrepreneurs, experts and influencers, signed a lease at Spectrum Terrace for 43,789 square feet, an expansion of more than double their current space of 17,241 square feet at Sand Canyon Business Center.
Hyperice, maker of a portable ice compression device for athletes, signed a lease for 13,740 square feet at Spectrum Terrace. The space is nearly triple the company’s current workplace at 15440 Laguna Canyon Road.
WeWork signed a lease to occupy an entire 116,261-square-foot building at Spectrum Terrace. The lease represents a major expansion for WeWork in Irvine Company Office Properties’ portfolio. The workspace operator also leases spaces totaling more than 127,000 square feet at 200 Spectrum Center Drive, 400 Spectrum Center Drive and at Pacific Arts Plaza.
Pacific Rim Capital signed a lease for 20,161 square feet — nearly an entire floor — at Discovery Park. The company is expanding into its new space from 13,055 square feet. They are moving from 15321 Laguna Canyon Road.
Apartments sold in Laguna
Two apartment buildings in Laguna Beach have been sold for $6.62 million, according to CBRE.
The first property is on a corner lot at 460 Cypress Drive and includes nine units with ocean views for those living on the second floor. The building sold for $4.46 million or $495,000 per unit.
The second property, on the same street at 280 Cypress Drive, consists of four units with the majority featuring two-bedroom floor plans. The building sold for $2.16 million.
CBRE says its team has closed five multifamily deals on this street in the past 12 months.
MCA spends big in Vegas
MCA Realty in Irvine has acquired Equus Business Center, a 357,608-square-foot, multi-tenant industrial property in Las Vegas for $42 million.
MCA Realty plans to rebrand the property as Central Seven Commerce Center.
The center is 89 percent occupied by more than 170 tenants, MCA said in a statement.
The firm said it will make some interior and exterior renovations to the property including new paint, landscaping, and improved signage, among others.
Dan Doherty of Colliers International and Gabe Telles and Ali Roesener of Gatski Commercial represented MCA Realty as the buyer. Frank Gatski of Gatski Commercial represented the seller, a private investor.
Jack in the Box property sold
A 35-year-old Jack in the Box property in Mission Viejo has been sold for $3.79 million, according to Newport Beach-based SRS Real Estate Partners’ National Net Lease Group.
The price per square foot for the 2,759-square-foot, single-tenant property was approximately $1,374, SRS said in a statement.
SRS’ National Net Lease Group managing principals Patrick Luther and Matthew Mousavi and senior vice president Terrison Quinn represented the seller, Irvine-based Pacific Castle. The buyer, an unidentified Hawaii-based investor, was represented by Arthur Flores of CBRE.
Jack in the Box recently signed a lease extension for 15 years.
Medical office redo
The Newport Beach office of Meridian, a real estate developer and owner of medical office real estate, has completed the renovation of a 26,000-square-foot, multi-tenant medical office building at 3531 Fashion Way in Torrance.
The building has approximately 12,000 square feet still for lease. Meridian acquired the building in December 2018, when it was vacant.
Meridian hired general contractor, AGI, Twinsteps Architects and Kier & Wright Civil Engineers to assist on the project. The renovation budget was $2.5 million and included a new façade to the building, new exit and entryways and a new lobby. The project was completed in just 16 weeks.
Office redesign for Paciolan
H. Hendy Associates has finished the corporate office redesign for Paciolan in Irvine.
Paciolan specializes in ticketing, fundraising, marketing, and analytics solutions.
Hendy created a two-story, employee-centric office space designed to “support business growth and inspire team interaction,” the firm said in a statement.
The first floor features an open office layout including 14-foot high ceilings, a large employee breakroom with a full-size kitchen, a ping-pong table, HDTVs and floor-to-ceiling windows that double as glass panda doors.
On the move
Aimee Siemianowski has been promoted to senior vice president of Driver SPG, a special projects group of builder C.W. Driver Cos. in Anaheim. In this role, she will leverage her commercial real estate experience in overseeing all Driver SPG projects while managing the company’s budget, operations, business development efforts and long-term business strategy.
Matthew J. Mexia is a new partner at Dermody Properties, a national real estate investment, development and management company, in the firm’s Newport Beach office. In this role, he will source and execute acquisition and development opportunities in the Southern California market. Mexia will also work in asset management and customer relations for the region. Previously he was was a managing partner at Industrial Capital Advisors.