Coreland To Manage Three New Assets

TUSTIN, CA-Coreland Cos. has added three new Southern California properties to its management portfolio. The new assignments add 500,000 square feet of commercial space under management to the company's portfolio, augmenting its roster to 1 million square feet of space this year.

Fountain Valley City Center, a 300,000-square-foot property purchased by Memorial Health Services, contains three three-story office buildings situated around a common courtyard. Located at Brookhurst and the 405 freeway, the center is expected to add 1,500 jobs to MHS by transferring the bulk of its administrative-support services to the property. Also added to Coreland's roster is the adjacent Slater Office Building, a 60,000-square-foot property that MHS also acquired to further expand the corporate campus.

Lastly, Coreland has been charged by owner Cerritos Plaza LLC with the management of Cerritos Plaza, a 200,000-square-foot, neighborhood shopping center along South St., a main retail corridor in Cerritos. The property, anchored by Ralphs and CVS/pharmacy, is scheduled to begin a major renovation at the end of the year. Coreland's brokerage team also represents the owner in leasing the property.

According to Chris Hite, president of Coreland, “We are looking forward to working closely with our clients to reposition and strengthen the value of each of these assets. We take great pride in our ability to be a strategic partner and effectively manage or lease properties through these efforts. Our teams approach each new property in a very personalized manner to best address the unique objectives.”

As GlobeSt.com reported in August, Coreland's brokerage division executed three more leases at the newly redeveloped 5970 Orangethorpe shopping center in Buena Park, bringing the center to a fully occupied status. The Habit Burger, Pizza Studio and Yogurtland have signed leases with owner Charlie Lyons Properties, the three deals totaling more than $2.5 million.