Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled by Business Editor Samantha Gowen. contributing writer Karen Levin. Submit items and high-resolution photos via email to sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
Real estate news: Irvine’s Intersect office campus going solar; Camp Build returns for students
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The Irvine office campus Intersect is adding a mega-solar project atop its roofs and car canopies in addition to a battery array. The 2.2-megawatt solar project and 510 kWh battery storage system should be complete by 2025. (Rendering courtesy of MetLife)
An Irvine office campus is adding a mega-solar project atop its roofs and car canopies in addition to a battery array.
MetLife Investment Management is working with DSD Renewables to install the 2.2-megawatt solar project and 510 kWh battery storage system at Intersect, on behalf of property owners PGGM and MetLife.
MetLife and DSD estimate the solar project will generate more than 3.5 million kWh of energy annually, which should provide for 74% of Intersect’s required power. The battery system also will store excess electricity generated, supporting the grid by reducing peak demand.
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The project at the campus along Von Karman Avenue near John Wayne Airport should be completed in 2025, MetLife said.
Tenants at Intersect include JLL, Xponential Fitness, Spaces and Hangar 24.
Lido retail center gets a new owner-partner
The harbor-side retail center Lido Marina Village has a new ownership partner after a recapitalization of the 3-acre property.
Terms of the deal were not disclosed by JLL, which represented DJM Capital, Arc Capital Partners and Belay Investment Group.
DJM, recapitalized the center in 2020 with a $46.5 million loan from Prime Finance and an additional $24.5 million of new equity from Arc Capital Partners. That capital was used to pay off an existing loan and complete property renovations, DJM said at the time.
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The reorganization saw the exit of Arc and Belay and the entrance of Redwood West, a commercial real estate investment firm in Newport Beach.
The 52-year-old retail center was substantially updated in 2022 and 2016. The complex includes 77,922 square feet of retail space, 28,694 square feet of offices and a 47-slip marina deck overlooking the bay.
Tenants include Nobu, Zinque, Malibu Farm, Circle Hook Fish Co., Aesop, Warby Parker, Elyse Walker, Faherty, Curl Fitness, Eberjay and LoveShackFancy.
More retail news: Bristol Marketplace in Santa Ana sells for $16.7 million
MCA buys industrial park in Colorado for $9.2 million
MCA Realty Inc. in Santa Ana recently bought Commerce Center I, a three-building 70,301-square-foot industrial business park in Aurora, Colorado for $9.2 million.
MCA Realty said it’s spending an additional $1.2 million to renovate much of the campus.
“Our business plan is to renovate the asset, consistent with improvements that tenants expect for their businesses, and to create a durable asset once the capital investment is made,” says Tyler Mattox, principal at MCA Realty. “In the current investment environment, we are focused on acquiring properties where we are able to add value to the underlying real estate by addressing operational, aesthetic, and functional inefficiencies.”
Colliers represented MCA Realty and the seller in the transaction.
Camp Build returns to Anaheim on June 1
Students with an interest in construction and engineering can apply for a one-day camp this summer sponsored by The Rosendin Foundation.
TRF Camp Build returns to Anaheim in June. The program is designed “to ignite the joy of building in middle school students,” according to the nonprofit, which looks to make a positive impact on communities.
The program launched in 2023 and will host its second camp on Saturday, June 1.
The free, co-ed electrical mini-day camp is engineered for current sixth- through eighth-graders. It’s hosted at Rosendin’s local headquarters at 1730 S. Anaheim Way.
Students who are accepted into camp will get hands-on experience such as using hand and power tools, bending conduits, virtually building and estimating using Building Information Modeling and wiring lamps that they will get to take home.
The deadline for registration is March 31.
“This camp is a unique opportunity for us to continue building not only structures but also lasting connections with the young minds of the future workforce,” said Jolsna Thomas, president of The Rosendin Foundation.
TRF Camp Build is also seeking sponsors. For more information about the program and the application process, go to therosendinfoundation.org/camp-build.
Employee-owned and San Jose-based Rosendin is one of the nation’s largest electrical contractors. It has at least 7,000 employees.
On the move
Lee A. McCullough has joined Tidemark Real Estate Services in Costa Mesa as a senior vice president. She brings 50-plus years of industrial commercial real estate to the firm. McCullough got her start as an onsite leasing agent in 1973 and rose to first vice president in Colliers’ Irvine office.
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