Irvine Valley College is putting the final touches on its $61 million Arts Village.
The 62,471-square-feet complex, due to open to students this spring, combines the college’s School of the Arts into three main structures: Music/Dance, Visual Arts and Fine Arts/Gallery.
Built by McCarthy Building Cos. and designed by DLR Group, the sustainable LEED Gold facility sits at the southwest edge IVC’s Performing Arts Center, adjacent to the new Parking Lot 6.
Also see: Taiwanese computer maker signs $265M lease for new Tustin headquarters
“The Arts Village is IVC’s most significant construction project to date,” said IVC President Dr. John Hernandez.”We look forward to its impact on the community.”
Construction of the Arts Village started in late 2021.
Here’s a breakdown of each building:
Music/Dance: includes practice and rehearsal areas.
The Fine Arts/Gallery: has a 150-seat auditorium equipped with adaptable acoustics for lectures and musical events. It also has an art gallery for student and external exhibitions.
The Visual Arts building includes a first ceramics facility for students with a focus on sculpture and pottery.
Each building comes with state-of-the-art audiovisual systems and advanced security technology.
The Arts Village was built by McCarthy Building Cos. along with DLR Group. It was funded by the South Orange County Community College District and California.
Avid opens new manufacturing hub in Costa Mesa
Avid Bioservices recently celebrated the opening of its cell and gene therapy manufacturing facility in Costa Mesa.
The facility, announced back in 2021, was budgeted between $65 million to $75 million, according to the trade website Fierce Pharma.
Avid makes products used by biopharmaceutical companies working on the development of new cell and gene therapies.
The 53,000-square-foot facility is roughly 5 miles from another Avid manufacturing campus in Tustin.
Avid says the expanded facility, complete with quality control labs and production lines, has the potential to boost total revenue up to approximately $400 million annually.
Irvine office building fetches $11.2 million
A 20,772-square-foot office building in Irvine recently sold for $11.2 million, or $539 per square foot, according to Lee & Associates.
The two-story building at 2485 McCabe Way includes upgrades throughout, including a gym, restrooms with lockers and showers and kitchens.
The buyer, DTMM Properties LLC, intends to occupy the building for their business, the brokerage said.
The seller was Bassman-Blaine Holdings LLC.
BKM buys industrial center in Denver
BKM Capital Partners in Newport Beach bought West 6th Center in Denver for $10.75 million.
The 122,783-square-foot small-bay industrial building is leased by three companies.
BKM said it will spend $7 million to modernize the property including upgrades to the property’s roofs, parking lots, HVAC systems, paint scheme, landscaping, signage and storefronts, as well as capital for speculative tenant improvements.
The firm intends to leverage the property’s 1.5-year weighted average lease terms to correct a 53% mark-to-market deficiency in rents.
To do that, the company is converting a large space on the campus into four spaces, doubling the facility’s number of units to six and bringing the average unit size from 40,928 square feet to 20,464 square feet.
BKM bought the facility through a joint venture partnership with TerraCore Capital. BKM represented itself in the deal. Cushman & Wakefield negotiated on behalf of the unidentified seller.
People on the move
Ana Almada has been named chief executive officer at DKN Hotels as the Irvine-based company splits into two entities. Almada, previously vice president of Operations, will lead DKN Hotels, which includes hotel management and operations. DKN Ventures will be led by CEO Kiran Dahya who will work on acquiring, divesting and developing hotels. Almada has been with the company 25 years, starting as an intern Comfort Inn Sea World, which was a DKN Hotel at the time.
Franco Tenerelli is the new chief legal officer at Thomas James Homes in Aliso Viejo. He will oversee all legal affairs and advise the company as it prepares to go public. Previously, Tenerelli spent eight years as CLO for Landsea Homes and before that was regional counsel for Toll Brothers.
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.
