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    Real estate news: Longtime Bella Terra mall owner sells its stake to partner
    • January 23, 2025

    The longtime owner and developer of Bella Terra mall in Huntington Beach has sold its 25% interest in the property to its partner, PGIM Real Estate.

    San Jose-based DJM Capital Partners, which bought the property 20 years ago, declined to share terms of the sale.

    “It is with pride that we sell our stake in Bella Terra, marking the end of a successful 20-year run as part owner and custodian of the property” said Lindsay Parton, president of DJM Capital. He said the firm has met its “investment and operational goals in Bella Terra” and was moving on to other projects in the state.

    DJM bought the Huntington Beach Center in the early 2000s and soon launched a revamp of the aging center, which opened in 1966. It demolished many of the smaller buildings and flipped the mall inside-out, creating an exterior-facing experience for shoppers.

    Bella Terra debuted in 2006, and in the ensuing years added a Costco and 467 apartments at The Residences at Bella Terra.

    Last April, the partnership put the mall up for sale, with The Real Deal estimating its value at $300 million.

    DJM and New Jersey-based PGIM got city approval in 2022 to redo the mall again. That plan included adding 300 more apartments and new retail by demolishing the Burlington Stores location and another 33,000-square-foot building.

    Representatives with PGIM could not be reached this week to discuss the future of that expansion project.

    The city of Huntington Beach has given the owners of Bella Terra the go-ahead to build 300 apartments at the retail center. The plans call for demolishing the Burlington Coat Factory plus one other retail building in order to add a 5-story mixed-use complex that will include retail space and apartments. (Courtesy of DJM)
    The city of Huntington Beach has given the owners of Bella Terra the go-ahead to build 300 apartments at the retail center. The plans call for demolishing the Burlington Coat Factory plus one other retail building in order to add a 5-story mixed-use complex that will include retail space and apartments. (Courtesy of DJM)

    The real estate partners in a statement said they would continue to co-own and operate other real estate assets in California. DJM also owns Lido Marina Village in Newport Beach and LBX, The Hangar, in Long Beach, and Ovation Hollywood.

    Project and city officials took part in the groundbreaking of Orange Logistics Center, a two-building industrial complex spanning 285,719 square feet at 759 N. Eckhoff. IDI Logistics is building the warehouse facilities not far from the Orange Crush, a confluence of the 5, 22 and 57 freeways. (Photo courtesy of IDI Logistics and Kimberley Cotter)
    Project and city officials took part in the groundbreaking of Orange Logistics Center, a two-building industrial complex spanning 285,719 square feet at 759 N. Eckhoff. IDI Logistics is building the warehouse facilities not far from the Orange Crush, a confluence of the 5, 22 and 57 freeways. (Photo courtesy of IDI Logistics and Kimberley Cotter)

    Logistics complex breaks ground in Orange

    Work began Jan. 9 on Orange Logistics Center, a two-building industrial complex at 759 N. Eckhoff and 752 North Poplar streets in Orange.

    IDI Logistics is building the 285,719-square-feet campus not far from the Orange Crush, a confluence of the 5, 22 and 57 freeways.

    Orange Logistics is taking the place of National Oilwell Varco, an equipment maker for parts used in the oil and gas drilling industry. To make way for the warehouses, multiple buildings on the site used for manufacturing, testing and office space were demolished.

    Both industrial buildings will feature 10,000-square-foot office spaces. Building 1 will span 189,519 square feet, and the smaller Building 2 99,200 square feet.

    Work on the buildings should be completed by early November, according to IDI Logistics.

    The project teams include Premier Design + Build Group, HPA Architecture, the engineering firms HSA & Associates (structural) and Thienes Engineering (civil).

    Lee & Associates in Orange is the project’s real estate broker.

    Hyundai America Technical Center Inc. has preleased this 91,600-square-foot industrial building under construction in Irvine, according to CBRE. Financial terms of the lease with Dermody Properties were not disclosed. (Rendering courtesy of Dermody Properties)
    Hyundai America Technical Center Inc. has preleased this 91,600-square-foot industrial building under construction in Irvine, according to CBRE. Financial terms of the lease with Dermody Properties were not disclosed. (Rendering courtesy of Dermody Properties)

    Hyundai preleases new Irvine building

    Hyundai America Technical Center Inc. has preleased a 91,600-square-foot industrial building under construction in Irvine, according to CBRE, which brokered the deal.

    Financial terms of the lease with landlord Dermody Properties were not disclosed.

    Created in 1986 in Ann Arbor, Mich., HATCI is Hyundai Motor Group’s design, technology and engineering division for North America.

    Work continues on LogisCenter at Irvine II at L2 Sterling, which Dermody expects to complete this quarter. The building includes 8,200 square feet of office and mezzanine space and sits on 4.4 acres.

    Dermody is also building LogisCenter at Irvine I, a 133,320-square-foot industrial building due for completion later this year, CBRE said.

    The Koll Co. in Irvine recently paid $15 million in cash for this industrial building in Aurora, Colorado. The 142,413-square-foot, single-tenant building is leased through 2029 by RK Mission Critical, a subsidiary of RK Industries. (Photo courtesy of The Koll Co.)
    The Koll Co. in Irvine recently paid $15 million in cash for this industrial building in Aurora, Colorado. The 142,413-square-foot, single-tenant building is leased through 2029 by RK Mission Critical, a subsidiary of RK Industries. (Photo courtesy of The Koll Co.)

    Koll Co. re-enters Colorado with $15M cash buy

    The Koll Co. in Irvine recently paid $15 million in cash for an industrial building in Aurora, Colorado.

    The deal marks the firm’s first foray into Colorado property since 2007.

    “Over the last seven years, we have been building out an industrial portfolio focused on the Western US, closing numerous investments that have brought our collection to just under 6 million square feet,” said Scott Meserve, a principal at Koll. “As part of that strategy, we have been eager to strategically enter the Denver market and this deal afforded us the perfect opportunity.

    The 142,413-square-foot, single-tenant building is leased through 2029 to RK Mission Critical, a subsidiary of RK Industries.

    In addition to Colorado, the firm has properties in six other states including California, Arizona, Nevada, Oregon, Utah and Minnesota.

    • Scott Jones was promoted to partner at the architecture firm...

      Scott Jones was promoted to partner at the architecture firm AO in Orange. With AO since 2006, his experience includes commercial, retail and mixed-use projects. (Photo courtesy of AO)

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    Scott Jones was promoted to partner at the architecture firm AO in Orange. With AO since 2006, his experience includes commercial, retail and mixed-use projects. (Photo courtesy of AO)

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    Promotions at AO in Orange

    AO, an architecture firm based in Orange, recently made several promotions. They include:

    Scott Jones, who’s been with AO since 2006, was promoted to partner. His experience includes commercial, retail, and mixed-use projects.

    Nakisa Heshmati, a 17-year veteran at the firm, was promoted to principal. She is responsible for programming and planning many of AO’s high-density multifamily and mixed-use projects.

    Managing partner RC Alley hailed Jones and Hesmati as “invaluable assets” and that “both have been driving forces behind AO’s success over the years.”

    Several AO colleagues also were promoted to senior associate. They include Rio Garcia, Veronica Kim, Francis Kwek, Kai Lau, Linda Laurenzi and Fred Thomas.

    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  [email protected] . Please allow at least a week for publication. All items are subject to editing for clarity and length.

    ​ Orange County Register 

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