The commercial real estate market in Orange County, CA, continues to boom and expand, so much so in fact, that some experts are becoming concerned about whether or not this growth is sustainable. However, reports have shown that people in the field of business and commercial real estate are very optimistic, in part due to the new presidency of Donald Trump, who has promised more jobs and more business. Hence, Orange County continues to grow, and so is the economy.
The year 2016 has been a year of records for Orange County with regards to real estate. Prices for residential homes reached heights never seen before, in part due to the large number of new homes being built. The landscape of Orange County has changed dramatically, not in the least thanks to the approval of the Platinum Triangle in Anaheim.
Donald Bren, who is the owner of Irvine Co. as well as the chairman of the company’s board of directors, has been named by the Orange County Register as one of the most influential in Orange County in 2016. He is a Newport Beach native and currently owns the largest private real estate empire in the country. In fact, the value of Irvine Co. is believed to be around $15 billion.
The Tri-Freeway Business Park, which is a multi-tenant industrial unit in Anaheim, Orange County, CA, has been sold for $29.45 million. This deal was brokered by the CBRE group, and the buyer, a private individual, has been kept private. The seller, Greenlaw Partners, was represented by Doug Mack, Anthony DeLorenzo, and Gary Stache of CBRE.
QR codes, some say, are the best invention of the 21st century. They offer a unique and interactive communication method, and they can be used anywhere. However, they are still poorly understood, particularly by businesses who could use them to their advantage. This is particularly true in the commercial real estate market in Orange County. This is potentially a huge missed opportunity, particularly when you consider how easy it is to use QR codes (also known as MS tags).
The 3 Hutton Center in Santa Ana, CA, has been sold by Cushman & Wakefield. The 198,161 square feet office tower has been purchase by Cypress Office Properties. They entered into a joint venture with Harbert United States Real Estate Fund. The tower, which is found in the airport district, was previously owned by TH Real Estate, which is part of TIAA Global Asset Management. The sale’s terms and conditions have not been disclosed by any of the companies.
The field of commercial real estate is very different from that of domestic real estate. In the domestic and residential market, brokers and agents deal with actual people. This means they put a focus on friendliness, customer service, and so on. With commercial real estate, brokers and agents deal with businesses, and it is all too easy to lose the human side in that. In fact, it has been reported that customer service in commercial real estate is at an all time low. Good brokers and agents should be aware of this and do all they can to become better service providers.
Orange County commercial real estate (CRE) investors have been told to expect delays when it comes to completing their transactions. While there are occasions of completion happening in a week or less, some can take as long as a year depending on the circumstances. Because there are so many factors involved it is incredibly difficult to truly predict how long it will take overall.
The commercial real estate market in Orange County is incredibly interesting and has gone through some pretty big changes as of late. In the latest big upheaval, Allianz has acquired 45% of Park Place, which has given them the opportunity to own a significant share of one of the most popular mixed-use office campuses of the state. The transaction was executed by Allianz Real Estate of America. It was a joint venture between Allianz, Principal Real Estate Investors, and LBA Realty. The exact details of the deal have been kept secret.
Orange County in California has gone through a period of interesting developments when it comes to its commercial real estate market. There have been some major sales, purchases, and leases. Furthermore, real estate companies within the county have started to venture further afield, entering markets in other states. There have also been some personnel reshuffles and future developments are known to be in the pipelines.