Real estate roundup: WeWork to debut new office space in Costa Mesa

WeWork, a company that specializes in renting co-working spaces, is expanding in Orange County. The New York-based startup is opening a two-story workspace across the street from South Coast Plaza in Costa Mesa. The space at 3200 Park Center Drive will have enough room for up to 700 members. It’s expected to open May 1. Seen here is the common area at WeWork in Burbank. (Photographer: Kevin Kaminski)

PUBLISHED: April 27, 2018 at 8:02 a.m. | UPDATED: April 30, 2018 at 7:33 a.m.

WeWork, a company that specializes in renting co-working spaces, is expanding in Orange County. The New York-based startup is opening a two-story workspace across the street from South Coast Plaza in Costa Mesa. The space at 3200 Park Center Drive will have enough room for up to 700 members. It’s expected to open May 1. Seen here is the common area at WeWork in Burbank. (Photographer: Kevin Kaminski)
WeWork, a company that specializes in renting co-working spaces, is expanding in Orange County. The New York-based startup is opening a two-story workspace across the street from South Coast Plaza in Costa Mesa. The space at 3200 Park Center Drive will have enough room for up to 700 members. It’s expected to open May 1. Seen here is a common area at the Irvine WeWork. (Courtesy of WeWork; photo by Andrew Kwak)
WeWork, a company that specializes in renting co-working spaces, is expanding in Orange County. The New York-based startup is opening a two-story workspace across the street from South Coast Plaza in Costa Mesa. The space at 3200 Park Center Drive will have enough room for up to 700 members. It’s expected to open May 1. Seen here is common space in WeWork’s San Diego space on B Street. (Courtesy of WeWork; photo by Andrew Kwak)
WeWork, a company that specializes in renting co-working spaces, is expanding in Orange County. The New York-based startup is opening a two-story workspace across the street from South Coast Plaza in Costa Mesa. The space at 3200 Park Center Drive will have enough room for up to 700 members. It’s expected to open May 1. Seen here is the Embarcader common area in San Francisco. (Courtesy of WeWork)
WeWork, a company that specializes in renting co-working spaces, is expanding in Orange County. The New York-based startup is opening a two-story workspace across the street from South Coast Plaza in Costa Mesa. The space at 3200 Park Center Drive will have enough room for up to 700 members. It’s expected to open May 1. Seen here is the LA Promenade WeWork. (Courtesy of WeWork)
WeWork, a company that specializes in renting co-working spaces, is expanding in Orange County. The New York-based startup is opening a two-story workspace across the street from South Coast Plaza in Costa Mesa. The space at 3200 Park Center Drive will have enough room for up to 700 members. It’s expected to open May 1. Seen here is WeWork’s Vine location in Los Angeles. (Photographer: Nick Tortajada)
WeWork, a company that specializes in renting co-working spaces, is expanding in Orange County. The New York-based startup is opening a two-story workspace across the street from South Coast Plaza in Costa Mesa. The space at 3200 Park Center Drive will have enough room for up to 700 members. It’s expected to open May 1. Seen here is the Burbank WeWork. Photographer: Kevin Kaminski
ValueRock Realty Partner has acquired the 41,150-square-foot Best Buy in Irvine for $9 million. The building is located at 16171 Lake Forest Dr. in the Irvine Spectrum Crossroads Center, which also includes McDonalds, Chevron and Del Taco. (Courtesy of ValueRock Realty Partners)
Pacific Sotheby’s International Realty sold a five-unit apartment complex? in Huntington Beach for roughly $2 million. The buyer was Elwe Investments LP. The complex at 917 Alabama St. was owned by the Kathleen H. Jones-King Trust. Mike Thornton of the firm’s Huntington Beach office represented the sellers in this transaction. (Courtesy of Pacific Sotheby’s International Realty)
Lee & Associates in Newport Beach represented JoyeTech, a Pacific Rim manufacturer of vape products, in its $5 million acquisition of a 19,271-square-foot office-warehouse at 3587-3589 Harbor Blvd. in Costa Mesa. (Courtesy of Lee & Associated, NB)
Lee & Associated in Orange closed the sale of 2556 W. Woodland Drive in Anaheim. The office building sold for $940,000 to Pacific Voyager Group LLC. (Courteys of Lee & Associates)
Lee & Associated in Orange closed the sale of this industrial building at 16001 Manning Way in Cerritos. It sold for $3,334,520 to OTA America, LLC. (Courtesy of Lee & Associates)
Lee & Associated in Orange brokered the sale of this industrial building at 10805 Artesia Blvd. in Cerritos for $2,705,000 to a PLETA Trust. (Courtesy of Lee & Associates)

WeWork, a company that specializes in renting co-working spaces, is expanding in Orange County.

The New York-based startup is opening a workspace over two floors at 3200 Park Center Drive, not far from South Coast Plaza in Costa Mesa. The space will have enough room for up to 700 members, the company told the Register. It’s expected to open May 1.

WeWork has another work-share space in Irvine in the 200 Spectrum tower owned by Irvine Co.

The concept offers office space for members who pay by the month for a “hot desk” in a common room, a dedicated desk, private office or a custom space. Memberships run from $220 a month for that shared desk to $740 for a single-desk, private office.

Amenities include high-speed internet, daily office cleaning, IT support, 24/7 building access, office supplies, bike storage, business-class printers, micro-roasted coffee, mail and package handling, private phone booths, modern conference rooms and access to our other WeWork members.

The company was founded in New York in 2010 by Miguel McKelvey and Adam Neumann. It gained the so-called “unicorn” status in 2014 after raising $157 million in Series C funding round. It’s now valued at nearly $20 billion after raising another $760 million in late 2017.

Lee & Associates, Orange

The Orange office of Lee & Associates has recently closed sales worth $18.8 million covering some 88,700 square feet. Here are the highlights:

–4152 Katella Ave., Los Alamitos: office building sold for $1,580,000 to Becker & Ayele.

–10805 Artesia Blvd., Cerritos: industrial building sold for $2,705,000 to a PLETA Trust.

–16001 Manning Way, Cerritos: industrial building sold for $3,334,520 to OTA America, LLC.

–2556 W. Woodland Drive, Anaheim: office building sold for $940,000 to Pacific Voyager Group LLC.

–1220 E. Hunter Ave., Santa Ana: industrial building sold for $1,975,000 to Tim Husband.

–651 W. Whittier Blvd., La Habra, retail building sold for $1,800,000 to a private investor.

–1305 S. Lyons St., Santa Ana: industrial building sold for $1,002,230 to Java Frost Inc.

–730 S. Grand Ave., Santa Ana: industrial building sold for $2,550,000 to Capelli LLC.

— 9070 Dice Road, Santa Fe Springs: new industrial building sold for $2,991,744 to Ferguson Property Enterprise.

Costa Mesa vape

Lee & Associates in Newport Beach represented JoyeTech, a Pacific Rim manufacturer of vape products, in its $5 million acquisition of a 19,271-square-foot office-warehouse at 3587-3589 Harbor Blvd. in Costa Mesa. The property will serve as JoyeTech’s U.S. base, enabling the company to combine its four existing Orange County locations into one site. The seller, Treichler Trust, was represented by Wade Tift and Steffan Morris of JLL.

Pacific Sotheby’s International Realty sold a five-unit apartment complex in Huntington Beach for $2 million. The buyer was Elwe Investments LP. The complex at 917 Alabama St. was owned by the Kathleen H. Jones-King Trust. Mike Thornton of the firm’s Huntington Beach office represented the sellers in this transaction.

ValueRock deals

ValueRock Realty Partners in Irvine has acquired a 41,150-square-foot Best Buy in Irvine, completed a 71,000-square-foot lease with Floor & Décor in Mission Viejo, and started construction for a Marriott Springhill Suites in Lake Forest.

The firm bought the Best Buy in an off-market deal for $9 million. The building is at 16171 Lake Forest Drive in the Irvine Spectrum Crossroads Center.

ValueRock’s lease with Floor & Décor started with a vacant building the firm bought in 2017 at 25872 Muirlands Blvd. in Mission Viejo. Floor & Décor is scheduled to open for business by September 2018.

The Marriott Springhill Suites at Lake Forest Gateway Center is scheduled to open in 2019.

Tune in

This week Jeff Lazerson’s radio show guests include:

–Jordan Levine, California Association of Realtors economist, will talk about the inflow of high wage earners to the state.

–Steven Thomas of Reports on Housing will explain where you are most likely to make an offer and land the closing sales price that is closest to that property’s listed price.

–Linda Neino of Dilbeck Real Estate is going to share her secrets of getting your offer accepted; she’ll also take your calls.

–Ben Graboske of Black Knight will talk about the staggering amount of home equity that Americans now enjoy, less than a decade after the Great Recession.

Lazerson is a contributing columnist for the Orange County Register and the Southern California News Group. His weekly “Mortgage Grader” radio show airs at 10 a.m. on KLAA 830AM, otherwise known as the Angels radio station.

The show is offline when the Angels are playing in that timeframe.

If you have a question for Lazerson’s radio show, keep this dial-in number handy: 714-283-0830.

The real estate briefs are compiled by contributing writer Karen Levin and edited by Business Editor Samantha Gowen. Submit items to sgowen@scng.com. High-resolution images also can be submitted. Allow at least one week for publication. Items are edited for length and clarity.