Rancho Dominguez-based mechanical contractor Murray Co. recently purchased this 104,734-square-foot office building in Cypress for $19 million. (Photo provided by: DAUM Commercial Real Estate Services)
Rancho Dominguez-based mechanical contractor Murray Co. recently purchased a 104,734-square-foot office building in Cypress for $19 million.
DAUM Commercial Real Estate Services said the company will occupy “the majority of the building” at 5995 Plaza Drive, and more than 250 employees will eventually work in the new office.
Daum, which represented Murray in the transaction, also said the mechanical contractor will undertake a series of improvements to the campus, including five floors of open-plan office space.
“The overall office market continues to navigate challenges due to lower tenant interest, sales volumes, lease rates, and absorption capacity post-pandemic. Discounts in office building prices are making it an attractive option for skilled mechanical contractors to purchase new space. The new office will support more than 250 employees,” said Christopher Migliori of DAUM, who represents Murray.
Landlords are still struggling to fill spaces left vacant during the pandemic.
Orange County's office vacancy rate was 12.4% in the fourth quarter of 2023, according to a Kidder Matthews report.
“Orange County's economy is still growing, albeit slowly,” the report states. “As businesses grow and more jobs are created, the demand for office space is likely to increase as well.”
Kidder Matthews said approximately 152,000 square feet of office space was under construction at the end of the quarter.
County leases 70,000 square feet of land in Santa Ana
The county government leased the Santa Ana building for office and research and development use, according to property owner San Francisco-based Drawbridge Realty.
Drawbridge did not disclose financial terms of the lease.
The county has signed a long-term lease to occupy approximately 70,000 square feet at 1700 East St. Andrew Place, one block off Highway 55, the company said.
Mike Embry, managing director and senior vice president of Drawbridge Realty, said the building will have interior improvements and spaces customized for the county.
CBRE represented Drawbridge and JLL represented the county in the lease agreement.
CapRock, partners sell stake in Las Vegas Industrial Park
Ares Management Corp. and Newport Beach-based CapRock Partners recently sold the Spanish Ridge Industrial Park near Las Vegas to EastGroup Properties Inc.
Terms of the sale were not disclosed.
The industrial park is newly completed and includes three single-tenant and multi-tenant buildings totaling 230,899 square feet. Spanish Ridge was fully leased to five tenants at the time of the sale, Caprock said.
Habitat for Humanity selects new CEO, raises $404,000 for new homes
Habitat for Humanity of Orange County raised $404,000 at its annual breakfast and awards ceremony.
This funding will be used to build affordable housing for families in Orange County.
The event was also an opportunity to introduce Michael Valentine, the nonprofit's new president and chief executive officer, who replaced longtime board member Monique Davis, who retired in October. .
“As we strive for a 100-home construction pipeline over the next two years, events like our annual Building Dreams Breakfast bring home the reality that hundreds of lives can be changed through affordable homeownership. It brings us closer together,” Valentine said.
Habitat homes built in Orange County are available to qualifying families with reduced purchase prices, reduced mortgage rates based on 30 to 35 percent of annual income, and reduced down payments.
Since 1988, Habitat for Humanity of Orange County has built 239 homes. The organization now has a goal of building 100 more homes in three years.
people on the move
Jesse MacDonald will be the new senior investment director for the real estate credit division, and Hyosung “HK” Kang will be the new investment director for Irvine-based Kairos Investment Management Company. Mr. McDonald previously served as Managing Director of Commercial Real Estate Origination at CIBC. Mr. Kang previously served as Senior Director of Acquisitions at Benedict Canyon Equities. As of September 30, 2023, Kairos Team has transacted $4.2 billion in real estate since its founding in 2005.
