What Will Next Year Bring to the OC?

December 5, 2016

The new year is right around the corner. So what will be happening in Orange County in 2017?

When it comes to office, Greenlaw Partners founder Wil Smith says this year lenders have become more conservative and cautious, and a lot of equity is sitting on the sidelines. It has made the market choppy.

Read more at: https://www.bisnow.com/orange-county/news/office/looking-ahead-to-2017-in-the-oc-68337?utm_source=CopyShare&utm_medium=Browser

EXCLUSIVE: Two Sacramento office buildings sold for combined $45 million

August 15, 2016

Two Sacramento office buildings sold in recent weeks, appearing to resolve potential issues with a maturing loan.

According to public records, The Evergreen Co. in Sacramento bought the building at 1102 Q St. for $29.4 million last month. Irvine-based Greenlaw Partners bought 7001A East Parkway on July 28 for $15.75 million.

Read more at: http://www.bizjournals.com/sacramento/news/2016/08/15/exclusivetwo-sacramento-office-buildings-sold-for.html

CBRE Makes Off-Market Industrial Property Sale To Greenlaw Partners

June 27, 2015

BUENA PARK, CA—CBRE Group has completed the sale of an off-market single-tenant net leased industrial property here for $25.5 million. The firm says it is the highest-valued free-standing industrial sale in Orange County for 2016.

CBRE’s Josh Bonwell, Rick McGeagh and Steve Young represented Greenlaw Partners in the purchase of the building, located at 6280 Artesia Boulevard.

Read more at: http://www.globest.com/sites/davidphillips/2016/06/27/cbre-makes-off-market-industrial-property-sale-to-greenlaw-partners/?slreturn=20170025152606

Transactions: Greenlaw Partners and UBS acquire California MOB from Ventas for $34.5 million

March 25, 2016

LAGUNA HILLS, Calif. – A joint venture (JV) of Greenlaw Partners and a fund advised by UBS Realty Investors LLC recently acquired Saddleback Valley Medical Center in Laguna Hills for $34.5 million, or $256 per square foot (PSF).

Read more at: http://wolfmediausa.com/2016/03/25/transactions-greenlaw-partners-and-ubs-acquire-california-mob-from-ventas-for-34-5-million/

Long Beach High-rise Sells at $45-million Discount Despite 'Mesmerizing' View

August 8, 2015

One of the biggest office buildings in Long Beach, One World Trade Center, has sold at a steep discount to Orange County developers who plan to renovate the oceanfront high-rise and seek additional tenants for it.

Greenlaw Partners, which specializes in turning around troubled properties, bought the 27-story tower on Ocean Boulevard for about $105 million, far less than its last owners paid for it during the last real estate boom.

Read more at: http://www.latimes.com/business/realestate/la-fi-0808-long-beach-trade-center-20150808-story.html

2015 Annual Costa Mesa Mayor's Dinner to Honor 2 Businessmen

March 30, 2015

Costa Mesa's third annual Mayor's Celebration dinner will honor two local businessmen for their contributions to the city.

The event, which raises funds for local arts education programs, is scheduled for May 14 at the Segerstrom Center for the Arts.

"I am delighted to continue this celebration that showcases the best of Costa Mesa and helps to ensure that the arts will be an integral part of our community for generations to come," Mayor Steve Mensinger said.

The Mayor's Award will go to Wilbur H. Smith III, founder of Greenlaw Partners, an Irvine-based firm that spearheaded the revitalization of The Triangle dining and entertainment center in downtown Costa Mesa.

Read more at: http://www.latimes.com/tn-dpt-me-0401-mayors-celebration-20150330-story.html

Demand for Density Meets Demolition Strategy at New JLL Office Listing

90,000 s.f. Tempe 10/60 Corporate Center represents unique adaptive reuse play PHOENIX, April [TBD], 2014 – Greenlaw Partners and The Broe Group have selected the Phoenix office of JLL to market a 90,000-square-foot office project in Tempe, Ariz., where the demand for high density space spurred demolition of a portion of the complex in exchange for a higher parking ratio. Greenlaw Partners and The Broe Group purchased the project for $3.5 million.

Tempe 10/60 Corporate Center (formerly known as Corporate Fountains) is located at 4415 – 4625 South Wendler Dr. in Tempe, alongside Interstate 10 and just south of the I-10/SR-60 (Superstition Freeway). The project originally totalled 110,000 square feet in two 45,000-square-foot, two-story buildings and one 20,000-square-foot, single-story building. Upon review of the property, Greenlaw and The Broe Group recognized the opportunity to add value to its investment through a number of key physical changes. In an effort to increase density, one of the project’s buildings—located at the center of the property—was demolished to create a two-building, 90,000-square-foot campus.

The demolition upgraded the project’s parking ratio from 5:1,000 to 7:1,000. The new owners plan to complete additional improvements in the coming months, including the demolition-rebuild of existing building interiors.

“This creates a greater corporate advantage and improved occupancy costs for our target users,” said Scott San Filippo, partner at Greenlaw Partners. “JLL is a great choice to market this asset in that they are a strategic partner in effectively positioning creative opportunities such as Tempe 10/60 Corporate Center. Phoenix has a lot of value add opportunity and it will be a market where we look to remain active.”

“Going to this length to create a high-density environment underscores Phoenix’s demand for this type of space,” said JLL Managing Director Dave Seeger, who is marketing Tempe 10/60 Corporate Center with JLL colleague and Managing Director Karsten Peterson. “A parking ratio of 4:1,000 or 5:1,000 is good, and 6:1,000 is great, but a ratio of 7:1,000 is outstanding.”

According to JLL’s Q1 2014 Phoenix Office Report, tenants across the Valley are beginning to see their already limited space options dwindle in hot submarkets like Tempe. This is driving up rental rates and creating growing upside potential for owners, including those with high-density space that is attractive to users like call centers, high tech companies and financial institutions.

“We’re excited about the opportunity to partner with Greenlaw on this acquisition,” said Jim Crawford of The Broe Group. “We’re bullish on Phoenix as well, but recognize that success is based on teaming with owners who are experts at adding value and understand the dynamics of the tenants in the market.”

“Corporate America as a whole is moving toward the open office configuration—highly efficient, very flexible, higher density footprints,” said Peterson. “Adaptive reuse plays like Tempe 10/60 Corporate Center are a prime example of how owners can repurpose inefficient, zombie space to economically reposition a project.”

Originally built in 1985, Tempe 10/60 Corporate Center features 10-foot ceilings, floor-to-ceiling windows, generous landscaping and immediate freeway visibility and access to Interstate 10 via Baseline Road. It is minutes from the I-10/US-60 interchange, Arizona Mills Mall, Sky Harbor International Airport and Arizona Grand Resort.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv

 

Retail to Lifestyle: How the Triangle in Costa Mesa has been Reshaped

May 1, 2014

At the southern end of the 55, towering above a bustling downtown district, the landmark dome of the Triangle entertainment center serves as a welcoming beacon for thousands of passing cars daily.

The Italian cathedral-inspired dome once marked the home of Orange County’s only Niketown sports store, but for the past nine years, the dramatic retail space under the dome has sat empty and largely unused – a lingering legacy of Costa Mesa’s troubled Triangle Square downtown revitalization project.

Niketown broke its lease in 2005 and moved out as the outdoor mall hemorrhaged tenants.

Now the darkest days of the rebranded Triangle entertainment center appear to be over. Under new ownership since 2010, the Triangle’s occupancy rate has shot up to about 75 percent from a low of 20 percent.

Wil Smith, owner of Greenlaw Partners in Newport Beach, which owns the Triangle, has spent the past four years personally courting trendy restaurants and bars, boutique shops and a nightclub-like bowling alley. He’s also poured more than $25 million into a modernization effort, turning the former ghost town into a hip lifestyle and entertainment center.

Read more at: http://www.ocregister.com/articles/triangle-615183-smith-niketown.html