Ta Associates Realty

When a bank takes over a building it doesn't want, it typically treats the property like a stepchild. The building isn't a long-term investment on which the new owner wishes to lavish a lot of tender, loving care. Rather, it is a nuisance--something to unload as soon as possible. Such was the fate of 4100 Newport Place, a nine-story office tower in Newport Beach on which the Bank of Boston foreclosed in 1990 after the building's developer, McLachlan Investment Co.

In one of the larger single-property industrial real estate sales in Southern California this year, Boston-based institutional advisor TA Associates Realty has acquired the Cerritos Industrial Park on behalf of its institutional investor clients. The business park includes almost 1 million square feet of industrial space within 30 buildings that are 100% leased to 54 tenants, according to Vice President Rick McGeagh of property services giant CB Richard Ellis.

In one of the larger single-property industrial real estate sales in Southern California this year, Boston-based institutional advisor TA Associates Realty has acquired the Cerritos Industrial Park on behalf of its institutional investor clients. The business park includes almost 1 million square feet of industrial space within 30 buildings that are 100% leased to 54 tenants, according to Vice President Rick McGeagh of property services giant CB Richard Ellis.

When a bank takes over a building it doesn't want, it typically treats the property like a stepchild. The building isn't a long-term investment on which the new owner wishes to lavish a lot of tender, loving care. Rather, it is a nuisance--something to unload as soon as possible. Such was the fate of 4100 Newport Place, a nine-story office tower in Newport Beach on which the Bank of Boston foreclosed in 1990 after the building's developer, McLachlan Investment Co.

A look at recent commercial leasing and sales activity in Orange County. LEASES Office * Collectors Universe Inc. Business: Provider of value-added services to the high-end collectibles market Address: Alton Corporate Center, Santa Ana Space: 60,000 sf Term: 8 years Value: $8.8 million Landlord: Searles DevCorp and Orix Real Estate Equities Lessee broker: Lee & Associates, Newport Beach office Landlord broker: CB Commercial SALES * T.A.

A Torrance office building called South Bay Tower was sold for $52 million Tuesday to real estate investment firm Bixby Land Co. The purchase is part of a strategy by Bixby to acquire underperforming or financially troubled commercial properties during a low point in the real estate cycle. In the last two months, the Irvine company also bought two office buildings in Silicon Valley. "Given the downturn that we have just had, there are throughout California a number of good-quality assets that either have a broken capital structure or have occupancy that is substantially lower than would be attractive to many investors," said Bill Halford, chief executive of Bixby.

Institutional investors advised by Glendale investment manager American Realty Advisors have acquired a nine-story office building in Orange County's John Wayne Airport commercial district for a price estimated in the low $40-million range. ARA's purchase of 4100 Newport Place in Newport Beach is the third major sale in the district in the last few months.

Seattle-based Safeco Insurance signed a 15-year lease for 120,000 square feet of office space at the first phase of Shea Properties' new Vantis project, a $350-million development on a 40-acre site at Laguna Hills Drive and Enterprise in Aliso Viejo Town Center. Financial terms of the lease were not disclosed, but it would be more than $50 million at anticipated asking rates for the Vantis space.

* Shurflo Pump Manufacturing, a maker of beverage-dispensing equipment, signed a $25-million, 10-year lease for a three-building, 231,618-square-foot headquarters to be built at Warland Cypress Business Center at the southwest corner of Katella Avenue and Valley View Street in Cypress.