Real estate news: Massive, mixed-use Flight at Tustin Legacy campus readies for tenants
The first phase of construction has wrapped at Flight at Tustin Legacy, a creative, mixed-use office campus near the blimp hangars, according to Suffolk, the builder.
The 870,000-square-foot project includes office spaces, a parking garage and a food hall in 11 buildings.
The campus was developed by Lincoln Property Co. and designed by Rios Clementi Hale Studios and House & Robertson Architects.
The 12,000-square-foot Mess Hall Market has an array of restaurant options open for business including Slapfish, Big Parm, Saigon Kitchen, The Lost Bean and The Bar @ Flight. The Register’s food critic Brad Johnson recently visited the food hall, noting it opened in June but “the surrounding office towers are still zero percent occupied.”
Confirmed tenants for the office spaces, so far, include Work Well Win, a co-working space; Branded Online, an e-commerce provider; and Happy Money, a finance tech startup.
Pilates lease in Costa Mesa
BE Fit Modern Pilates has signed a lease for a new studio in Costa Mesa, according to the broker, Cushman & Wakefield.
The Pilates studio will occupy 1,200 square feet on the ground floor at 3420, a seven-story, 66,835-square-foot, mixed-use building at the corner of Bristol Street and Sunflower Avenue across the street from South Coast Plaza.
Other retail tenants include Philz Coffee and the upcoming farm-to-table eatery Outpost Kitchen.
Construction on BE Fit’s space is underway with an estimated opening in the fall.
Brokerage professionals Jennifer Pelino, Brian Booth, Rick Kaplan, and Robert Lambert from Cushman & Wakefield’s Irvine office serve as the property’s leasing agents and represented the landlord, South Coast Plaza, in the transaction. The tenant was represented by Jamie Rogers from CBRE.
New restoration franchise
Franchise owners Chad Fetterhoff and Robert Dooty are bringing Delta Restoration Services to 148 E. Garry Ave. in Santa Ana.
Fetterhoff has a successful background in sales and marketing, while Dooty owns a restoration business that will be absorbed by the partners’ new Delta Restoration Services franchise.
Delta Restoration Services provides restoration solutions to both its residential and commercial clients. Its services cover damage from flood and water, smoke and fire, mold and other environmental conditions, as well as additional services such as contents restoration and reconstruction.
Oggi’s location sells in Garden Grove
A 6,500-square-foot Oggi’s Pizza & Brewery property at 12362 Chapman Ave. in Grove Garden has been sold to its franchisee for an undisclosed sum.
The property was sold by Valore Ventures, which bought four adjacent restaurants in January in Garden Grove.
“We found that the properties were better suited as individual parcels that could help satisfy local investor demand for strong assets,” said Kenny De Angelis. “With this restructuring, we were quickly able to place the Red Robin and Joe’s Crab Shack parcels with the ideal investors, and now this Oggi’s owner was able to buy his restaurant.”
Built between 2001 and 2008, the restaurants are part of a larger development that includes three high-rise hotels and a 2.78-acre parking lot owned by the hotels but reserved for restaurant use. Two hotel projects next door are slated to start construction later this year.
Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented Valore Ventures in the disposition.
The Outback Steakhouse restaurant remains available for acquisition.
Fry’s location sold to Prologis
The building occupied by Fry’s Electronics in Anaheim has been sold to Prologis for undisclosed terms.
A team from CBRE led by Bob Steinbock represented Prologis in the transaction.
The 144,000 square-foot retail space at 3370 E. La Palma Ave. sits on a 12-acre lot. Fry’s Electronics has leased the property since 1995 and will continue to occupy the building.
The site is zoned for industrial and was previously occupied by Rockwell International Corp., a manufacturing conglomerate primarily involved in aircraft, space and defense industries.
Campus sells in Fullerton
An industrial campus in Fullerton has sold to a local investor in a 1031-exchange deal for $4.91 million.
Anthony DeLorenzo, Gary Stache, Doug Mack and Sean Ward of CBRE represented the privateseller.
The 26,640 square-foot property at 1020-1100 E. Elm Ave. was built in 1966 and includes four one-story buildings. Each structure is approximately 6,640 square-feet and has four grade-level doors and clear heights, ranging from 14 to 18 feet. The property also has 50 surface parking stalls and was fully leased at the time of sale.
The buyer was represented by Jeff Carr, Brad Bierbaum and Art Flores, also of CBRE.
HCP expands Boston science campus
HCP in Irvine has bought a 224,000-square-foot laboratory building for $332.5 million in Cambridge, Mass.
The deal is expected to close in December, according to a statement from the real estate investment trust.
The property at 35 CambridgePark Drive was bought from The Davis Cos. and Invesco Real Estate and is adjacent to HCP’s recently acquired property at 87 CambridgePark Drive. The REIT also owns a development site at 101 CambridgePark Drive. Combined, HCP will own up to 440,000 square feet of contiguous space.
The trust said 35 CambridgePark Drive is fully leased to five life-science tenants.
New development firm
Sentinel Real Estate Group & Paragon Construction Consulting have merged to form CREDE or Commercial Real Estate Development Enterprises.
CREDE, with offices in six states, has three divisions: development, construction advisory and asset and property management. The new company will offer its full spectrum of services to commercial real estate clients and enhance CREDE’s developments nationwide.
Key executives at CREDE include Colby Durnin, chief executive officer, and formerly the CEO of Sentinel, which he founded in 2001. Thomas Reiter is president of CREDE and had been president of Sentinel since 2015. Jeffrey Hall, previously the CEO of Paragon Construction Consulting, now serves as CREDE’s president of Construction Advisory Services division. Rob Cord recently joined the firm as president of its Asset & Property Management division.
CREDE is based in Irvine with offices in Arizona, Nevada, Tennessee, Texas and Utah. For more information, go to credegroup.com.
People in real estate
Matt Burnett has joined Hanley Investment Group Real Estate Advisors as an executive vice president. Burnett specializes in advising clients in the acquisition and disposition of retail investment properties, including single-tenant and multi-tenant shopping center assets located primarily in Southern California. Previously, he spent 16 years with CBRE.
Lucinda Bloom has associated with the Mission Viejo office of Coldwell Banker Residential Brokerage as an affiliate agent. Previously, she was self-employed as the manager of EvaFlorence.com, an online business and storefront retail business.
Subm real estate transactions, leases and new projects, industry hires, new ventures and upcoming events to Business Editor Samantha Gowen at [email protected]. Please allow at least a week for publication. High-resolution photos also can be submitted for consideration. All items are subject to editing for clarity and length.