In 1998, MCC acquired Metro Center at South Coast, a 480,000 square foot, 82% leased, Class A office project on 40 acres located at the intersection of the 55 and 405 freeways in the John Wayne Airport area of Orange County. MCC purchased 2 of the 3 existing 12 story buildings on the site and 40 acres of land comprising common areas, parking and adjacent developable parcels. Metro Center presented an opportunity to reposition this Class A project as the first high and low-rise integrated office campus in the Airport submarket. The effort involved the lease-up of the existing high-rise buildings and the creation of a new campus design requiring the re-entitlement of the common areas and vacant land.
In September 2005, MCC purchased the fee in Metro Center at South Coast from the ground lessor, allowing the partnership to receive approval from the City of Costa Mesa to amend the lot lines of the property’s land parcels. The lot line adjustment was effectuated in order to create a separate parcel that was ultimately entitled for residential development.
- Successfully re-master-planned and re-entitled the entire 40 acre campus adding 780,000 square feet of new office, retail and hotel entitlements.
- Sold vacant land with over 500,000 square feet of office entitlements to Experian Information Systems for construction of its North American headquarters. The transaction was the second largest headquarters deal in Orange County history.
- Completed approximately 70,000 square feet of new retail development and two parking facilities serving 1,000 cars.
- Acquired leasehold interested in 555 Anton in May 2005, bringing the entire Metro Center campus under one ownership.
- Won approval from the City of Costa Mesa for a lot line adjustment of the land parcels at Metro Center and created a residential parcel that will be developed by MCC and its partners.
- Completed over 880,000 square feet of leases throughout the ownership period.
Metro Center at South Coast was sold in September of 2005. MCC and its partners retained ownership of the newly created residential development parcel for future development.
MCC has successfully converted 200,000 square feet of hotel entitlements into 1,000,000 square feet of residential entitlements.