The Irvine Co. of Newport Beach, CA, like several other large real estate organizations, is preparing for a major turnaround in the commercial marketplace.
The 150-year-old real estate organization has acquired Pacific Arts Plaza, an 827,000 square foot property comprising four institutional-quality high-rise and mid-rise office buildings and four free standing restaurants in Costa Mesa, CA.
Terms on the multi-million-dollar deal were not disclosed in Irvine's prepared statement.
"Through this transaction, we entered the fourth and final Class-A office sub-market in Orange County, Calif., the Orange County Theatre and Arts District, which is a premier business environment in Southern California," said Doug Holte, president of Irvine Company Office Properties.
Irvine Ranch, Irvine, CA
"We intend to utilize our extensive reinvestment expertise to enhance a remarkable office location and create an exceptional customer experience"
He added, "The project is complementary to our existing portfolio and offers prospective customers and current clients greater geographic diversity within the Irvine Company Office Properties portfolio."
This transaction represents the company's expansion into the important Orange County Theatre & Arts District (OCTAD) office sub-market of Orange County, Holte said.
Tenants in the acquired four-building property include Mastro's Steakhouse, TGI Fridays and Jerry's Deli.
Pacific Arts Plaza office towers include addresses 611 Anton Blvd., 675 Anton Blvd., 3200 Park Center and 3200 Bristol in Costa Mesa, Calif.
The property's four office buildings surround a1.6-acre art sculpture garden titled "The California Scenario," designed by world-renowned artist Isamu Noguchi.
Holte said the project enjoys exceptional attributes including strong freeway visibility and identity and excellent access, major on-site and walkable adjacent amenities, efficient and well-designed buildings and ample parking.
With the addition of Pacific Arts Plaza property, the company now has "a meaningful presence" of all four Class-A office markets in Orange County, according to the news release.
Those markets include OCTAD, Newport Center, the Airport Area and Irvine Spectrum, as well as an immediate 10% market share in the OCTAD office sub-market.
Each sub-market represents a thriving business employment center, surrounded by world-class amenities including nearby hotels, retail, housing and transportation, according to the release.
"Consistent with the Irvine Company's philosophy as a permanent owner and comprehensive master-planner, and to improve the quality of the office customer experience, the Irvine Company will in 2011 begin an immediate reinvestment in the property in 2011," the company stated.
That work includes improvement of on-site amenities, customer-floor common-area enhancements, upgrades to operating systems and a unification of exterior landscape design and outdoor workspaces.
"We intend to utilize our extensive reinvestment expertise to enhance a remarkable office location and create an exceptional customer experience," said Holte.
Founded in 1864, the Irvine Company is an internationally renowned real estate development company known for its award-winning master-planned communities, its vast portfolio of high-quality investment properties, and its leadership in conservation and natural resource management.
The growing real estate portfolio encompasses office, apartment, retail and resort holdings located throughout California's premier markets, including assets in San Diego, Orange and Los Angeles Counties, and holdings in Northern California.
As a steward of some of America's most beautiful and scientifically important open space and parklands, the company has donated to Orange County more than half of the historic 93,000-acre Irvine Ranch in Orange County -- 50,000 acres -- to permanently preserve these lands.
The U.S. Department of Interior and the State of California have designated these parklands as "Natural Landmarks," one of the most prestigious land preservation designations.
The privately held, diversified company traces its roots to the 1860s with the formation of The Irvine Ranch® from Mexican and Spanish land grants.
The Orange County Theater and Arts District is bounded by Bristol Street on the west, Sunflower Avenue on the north, Avenue of the Arts on the east and the San Diego (I-405) Freeway on the south.
Its 54-acres comprise one of the most urbanized areas in Orange County and include high-rise office buildings, internationally renowned cultural facilities, luxury hotels, restaurants and various commercial uses.
The Orange County Theater and Arts District is home to cultural institutions including the Renée and Henry Segerstrom Concert Hall, Samueli Theater, South Coast Repertory and Orange County Performing Arts Center.