World of Décor Relocates to 106,000 SF

By Natalie Dolce

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2040 S. State College Blvd.

Orange County

World of Décor, a national manufacturer and distributor of home furnishings and indoor/outdoor furniture, has signed a deal to relocate its regional headquarters from Downey, CA into a new 106,000-square-foot building at 2040 S. State College Blvd. in Anaheim, CA. Barry Saywitz, president and Jeff Saywitz, senior vice president at the Saywitz Co., coordinated the efforts in securing a lease for World of Décor. Owned by Lennar Development, the property is set inside the platinum triangle next to Angels Stadium. The new facility is scheduled to open this month.

Sequent Medical Inc. closed a $15.6 million Series B venture capital financing. The financing was led by Domain Associates, joined by existing investors Versant Ventures and US Venture Partners. Nimesh Shah of Domain will join Sequent’s board of directors. Tom Wilder, who joined in February 2010 as president and CEO says, “We will utilize these funds to continue our development programs, including the introduction of our initial WEB(TM) product line.” The WEB(TM) aneurysm embolization system provides a new treatment alternative for cerebral aneurysms, especially those prone to a high rate of recurrence and treatment.

JPC Property Investments LLC purchased a 16,410-square-foot industrial building, located at 2619 Oaks St., Santa Ana, CA, from Carl Cyrus Alford Trust for $1.8 million. John Suggs of Grubb & Ellis Co.’s Newport Beach office, in conjunction with Dan Berkenfield of Voit Real Estate Services, represented the buyer in the transaction. Greg Velastegui, also of Voit, represented the seller. 

Plastics Suppliers signed a five-year lease renewal for 35,904 square feet of industrial space, located at 1030 Valencia, Fullerton, from Fullerton Valencia Drive LLC.  Jeff Read and Greg Osborne of Grubb & Ellis’ Anaheim office represented the lessor in the transaction. Sean Ward of CB Richard Ellis represented the lessee.

Mareblu Manufacturing Inc. leased 14,112 square feet of industrial space for 40 months at 1150 N. Red Gum St., Anaheim, from LBA/MET Partners II-Co. V LLC.  Greg Osborne and Brian Chastain of Grubb & Ellis’ Anaheim office represented the lessee in the transaction.  Troy Williams, also of the company’s Anaheim office, represented the lessor.

Ventura County

Colliers International has completed the sale of a 5.08-acre land parcel in Thousand Oaks, CA, to Belmont Village LP, a Houston-based developer and operator of independent and assisted living facilities. The transaction is valued at $3.25 million. Located west of the 23 Freeway, on the northeast corner of Moorpark Road and Olson Road, the property is entitled for a 139-room convalescent care facility. Belmont Village broke ground on the facility at the close of escrow. “This transaction required a collaborative effort from all parties involved including the buyer, the seller and the City of Thousand Oaks,” says Jesse Munoz, senior associate in Colliers’ Downtown Los Angeles office, who represented the buyer in the transaction. “In what could have been a difficult process, especially given today’s challenging financial market, the city cut key development fees to aid the buyer and the seller was extremely cooperative with the buyer’s entitlement process, accomplishing a smooth transaction on all sides of the deal.” The seller, private investor Lucinda V. Smith Rev. Inter. Trust, was represented by Damian Vance Realty.

Alameda County

A 45,000-square-foot 99 Ranch Market, an Asian American supermarket, recently opened at Rose Pavilion Shopping Center, located 0.5 mile south of Interstate 580, in the northwest corner of the intersection at Santa Rita Road and Rosewood Drive in Pleasanton, CA. Its location in Pleasanton will mark the grocery retailer’s twelfth store. Centro Properties Group is the owner of Rose Pavilion and was represented by Centro Properties Group.

Los Angeles

Fifty-one vacant apartment units at 11927 - 33 Magnolia Blvd. in Valley Village, CA. have been sold to a private investor for $4.7 million in an all-cash transaction, according to Craig Stevens, Mike Smith and Jim Fisher, principals at Lee & Associates-LA North/Ventura Inc., and the Lee Multi-Housing Investments Group, who represented the buyer. “Although this was a challenging transaction it was not atypical of the types of issues buyers must deal with in today's market,” Stevens says. “In this case, we had a foreclosed property with entitlements that are no longer feasible for building in today's market.” The property had been entitled for 78 condominium units or 146 apartment units when it went into foreclosure. The bank that acquired it, First Regional Bank, later went into receivership and First-Citizens Bank & Trust Co. acquired its deposits along with $2.17 billion of its assets. “We worked very closely with our buyer to develop an acquisition strategy that would yield favorable returns while addressing market realities,” Smith says. The buyer, Pacific Valley Associates LLC, is a value-added investor who looks for properties that can be rehabilitated to achieve higher returns. This property had been vacated per the Ellis Act when the previous developer acquired it with the intention of redeveloping it for condominium units. Responding to current market conditions, Pacific Valley Associates LLC intends to reopen the property as rental units. The property, constructed in 1953 and 1954, sits on 61,580 square feet of land.

San Diego

Skylight Healthcare Systems Inc. has signed a six-year, $2.4-million lease for 15,641 square feet of office space in Pacific Plaza at Torrey Hills, 10935 Vista Sorrento Pkwy., San Diego. The lessor, TREA Pacific Plaza LLC, was represented by Cushman & Wakefield. Skylight Healthcare Systems was represented by Irving Hughes. Pacific Plaza at Torrey Hills is a three-building, 220,000-square-foot, class A office project. Additional tenants include Qualcomm, Cisco, Rudolph & Sletten, NetApp and Tragara Pharmaceuticals.

Petco Animal Supplies Stores Inc. leased 4,100 square feet of retail space at Scripps Ranch Marketplace, 10625 Scripps Poway Pkwy., San Diego. The 10-year lease is valued at approximately $1.3 million. CB Richard Ellis represented the lessor, Scripps Ranch Marketplace LP. Epsteen & Associates represented PETCO Animal Supplies Stores Inc. The lease brings the 136,179-square-foot Scripps Ranch Marketplace shopping center to 98% leased with three suites available totaling approximately 3,200 square feet. Other tenants include Vons, CVS, Blockbuster, Sammy’s Woodfired Pizza, California Bank & Trust, McDonald’s, Cathy’s Hallmark, Taco Bell, Rubio’s Restaurant and Scripps Ranch Veterinary.

Categories: West, Industrial, Leasing, Orange County