The 25-acre Von Karman Creative Campus in Irvine will flip to housing with help from its new owner, Lennar Corp., in a joint venture with TPG Angelo Gordon.
Irvine-based IRA Capital, which sold the campus in late January for $232 million, or $9.1 million per acre, bought the property in 2023 for $100 million, according to public documents provided by PropertyShark. The private equity company and partner Foxfield LLC in Boston spent two years working with Irvine officials to clear the path for as many as 426 for-sale homes to replace the sprawling office-industrial campus and its nine buildings.
VKCC, which is just a short walk to a Walmart Supercenter, sits across Barranca Parkway from the bustling District at Tustin Legacy shopping center.
In a news release from Foxfield, the company said the site required “a coordinated strategy encompassing tenant transitions, entitlement planning and community engagement.”
Irvine’s Planning Commission approved the housing entitlement in September. The property was then “de-tenanted” in anticipation of the sale.
“The Von Karman Creative Campus is an example of what can be achieved through collaboration, disciplined execution and a shared long-term vision,” said Mark Tang, managing director and head of Development and Construction at Foxfield.
Bedrock moving HQ to Orange property
Bedrock Machinery in Irvine is moving to a 6-acre property in Orange that it bought in late December for $31 million.
In addition to the land, the property at 500 W. Collins Ave. includes a 17,000-square-foot office building and a 32,485-square-foot industrial warehouse with three 10‑ton cranes.
CBRE represented the seller, a Brookfield-backed fund, and Bedrock Machinery.
Bedrock, which specializes in earthmoving machines, has locations in Carson, Ontario and Corona in addition to sites in Texas, Georgia, Illinois, Canada and Australia.
Costa Mesa office complex sells for $24.4 million
Millions of motorists have driven by the ornate Costa Mesa office property at the southern end of the 55 Freeway. Many of them have likely asked the question: “Is that a hotel?”
It’s actually an expansive office complex, complete with mission-style arches and a creamy white stucco finish. The property at 1901 Newport Blvd. at West 19th Street traded hands Feb. 6 for $24.4 million.
Newmark, which represented the unidentified owner of the 134,387-square-foot, three-story building, called the buyer a “high-net-worth investor.”
Completed in 1985 and renovated in 2001, the building features an atrium, marble flooring, open-air courtyards and seven fountains.
The complex on 4 acres was 85% leased at the time of the sale, Newmark said.
For everyone wondering who operates behind those arched walkways, it’s a mix of medical providers, traditional office users and retailers. Ten years ago, Saddleback Church opened a campus at the building, leasing 20,000 square feet. The church no longer lists that site among its locations.
On the move
Travis Carson recently joined SRS Real Estate Partners in Newport Beach as a principal. He will help lead the firm’s development and business operations and support more hiring at SRS. He has at least 20 years of experience as an executive coach and business growth leader, working with commercial real estate brokers including CBRE, Colliers International, Lee & Associates, JLL and Coldwell Banker Commercial.
Geoff Graney was promoted to principal at the design company KTGY in Irvine. Graney has more than 25 years of experience as an urban designer and planner.
Hanley Investment Group Real Estate Advisors in Corona del Mar also promoted three associates in recent weeks. Dylan Mallory was promoted to executive vice president. Previously senior vice president, he joined Hanley in December 2016 as an associate. Brad Dessy was promoted to senior vice president. Dessy, who joined Hanley in 2019, advises clients in buying and selling single‑tenant and multitenant retail properties. Sean Cox also was promoted to senior vice president. He joined the company as a vice president three years ago and specializes in nationwide retail investment sales.
Hall of Fame for Brett Dedeaux
Brett Dedeaux, CEO at Dedeaux Properties, will be inducted into the Hall of Fame at the Southern California chapter of NAIOP at its May awards gala.
The trade organization is made up of developers, owners and investors of office, industrial, retail and mixed-use real estate.
Dedeaux Properties, which he founded in 2006, owns more than 14 million square feet of industrial real estate in Southern California, with more than $1.3 billion of assets under management.
The USC graduate also serves on the board of NAIOP Inland Empire chapter and the executive board of the Randall R. Kendrick Global Supply Chain Institute and is an executive committee member to the USC Lusk Real Estate Center. Dedeaux also is the executive director of the Rod Dedeaux Foundation, which raises money for amateur and underserved youth baseball and softball programs in the area.
Dedeaux will be honored at the organization’s annual awards gala in May.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. 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.
