John Rothwell of the Newport Beach office of GVA Daum tells GlobeSt.com that developer George Hedley of Hedley-Irvine I LLC plans 12 buildings on the site, which is near the intersection of Alton Parkway and Muirlands Boulevard. Rothwell and Jeff Lauer, also of GVA Daum in Newport Beach, brokered the $3.9 million sale of the property by Menlo Worldwide Forwarding Inc. The estimated value of the project upon completion is $14.5 million.
Rohwell says Hedley-Irvine will first demolish an existing building at the site, with completion of the new construction expected in October. The new buildings will range from 4,200 sf to 9,000 sf and will be offered for sale to users. Rothwell and Lauer represented both parties in the sale and will be the listing agents for the new buildings. Costa Mesa-based Hedley Construction & Management is the general contractor for the project.
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