Steadfast Plans Office Development

NEWPORT BEACH, CA-Newport Beach developer Steadfast Properties plans to build 54,000 sf of speculative office space in four buildings onapproximately two acres that the company recently acquired from a locally based family trust for $3.1 million.

Gil Marrero of Voit Commercial Brokerage’s Irvine office, listing broker for the development, tells GlobeSt.com that he’s already getting quite a few calls from prospective buyers.

Steadfast expects to begin construction in August and complete the buildings in the first quarter of 2004. The developer has named Watkins, Baile & Associates of Newport Beach as the architect for the project, which will be called Birch Bayview Plaza, but no general contractor has been announced.

Marrero says the buildings will be of two-story, concrete tilt-up construction, with addresses at 20322, 20342, 20352 Acacia and 20351 Birch in Newport Beach. The Birch Bayview Plaza buildings will have below or at-grade parking, open-air courtyards and easy access to the 55 Freeway and the 73 San Joaquin Toll Road, he points out.

Marrero says it’s relatively rare to find small new office buildings for sale in Orange County, but it’s especially rare in Newport Beach because so little land is available there for such projects.

Sales of owner-user buildings have been one of the most active segments of the commercial real estate industry throughout the current economic downturn. With low interest rates and financing available with only a 10% down payment, increasing numbers of users of both office and industrial space have been opting to buy rather than lease for several years now.

Marrero also represented developer Steadfast in the land acquisition, in which John Bral of Bietler Commercial Realty Services in Irvine represented the seller. Steadfast acquires, develops and manages office and industrial buildings, apartment complexes and other projects in the United States, Hawaii and Mexico.