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Steadfast Plans Office Development
By Bob Howard
Last updated: May 14, 2003
www.globest.com
NEWPORT BEACH, CA-Newport Beach developer Steadfast Properties
plans to build 54,000 sf of speculative office space in four buildings
on approximately two acres that the company recently acquired from
a locally based family trust for $3.1 million.
Gil Marrero of Voit Commercial Brokerage's Irvine office, listing
broker for the development, tells GlobeSt.com that he’s already
getting quite a few calls from prospective buyers.
Steadfast expects to begin construction in August and complete
the buildings in the first quarter of 2004. The developer has named
Watkins, Baile & Associates of Newport Beach as the architect
for the project, which will be called Birch
Bayview Plaza, but no general contractor has been announced.
Marrero says the buildings will be of two-story, concrete tilt-up
construction, with addresses at 20322, 20342, 20352 Acacia and 20351
Birch in Newport Beach. The Birch Bayview Plaza buildings will have
below or at-grade parking, open-air courtyards and easy access to
the 55 Freeway and the 73 San Joaquin Toll Road, he points out.
Marrero says it’s relatively rare to find small new office
buildings for sale in Orange County, but it’s especially rare
in Newport Beach because so little land is available there for such
projects.
Sales of owner-user buildings have been one of the most active
segments of the commercial real estate industry throughout the current
economic downturn. With low interest rates and financing available
with only a 10% down payment, increasing numbers of users of both
office and industrial space have been opting to buy rather than
lease for several years now.
Marrero also represented developer Steadfast in the land acquisition,
in which John Bral of Bietler Commercial Realty Services in Irvine
represented the seller. Steadfast acquires, develops and manages
office and industrial buildings, apartment complexes and other projects
in the United States, Hawaii and Mexico.
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