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SAN JUAN CAPISTRANO, CA-Centra Realty Corp. of Irvine plans two new projects valued at a combined $75 million in this South Orange County community: a 144,000-sf mixed-use development on 17.8 acres at Ortega Ranch and a 44,000-sf office project on three acres at Valle Ranch. The developments will aim to capitalize on what Keith Ross, principal and co-founder of Centra, calls “a tremendous demand for office and industrial space in South Orange County.” The Ortega Ranch project, situated at the northwest corner of Ortega Highway and Rancho Viejo Road, will combine office and R&D space with retail uses. The development will comprise 12 buildings. These will include eight office buildings ranging in size from approximately 5,600 sf to 32,100 sf and two R&D/flex industrial buildings at approximately 8,700 sf and 12,700 sf. In the center of the mixed-use development, Ortega Ranch will have two retail buildings ranging in size from approximately 4,500 sf to 7,200 sf. Estimated value of Ortega Ranch upon completion, which is scheduled for February, is $55 million. Dave Travis and Tim Walker of Voit Commercial Brokerage will handle all leasing for Ortega Ranch, which will offer tenants corporate identity adjacent to the 1-5 Freeway and Rancho Viejo Road. The second development, Valle Ranch, will occupy the corner of Valle Road and the I-5 Freeway. The project will comprise three freestanding office buildings and will offer five tenant spaces ranging in size from 8,500 sf to 9,700 sf. Valle Ranch is anticipated to be completed in December and will be valued at $20 million. Ross points out that with vacancy rates in San Juan Capistrano currently below 5%, markets are strong for both office and industrial space. The new housing and community developments under way in South Orange County, he adds, have created a need for new job centers in San Juan Capistrano. Two local businesses have already the purchased buildings at Valle Ranch, according to Ross. King Insurance acquired the 9,700-sf building and Nouveau/Schmidt Designs purchased two buildings totaling approximately 35,000 sf.

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