Voit Plans Office Condo Project

COSTA MESA, CA-Voit Development Co. has acquired a vacant 47,000-sf office building called Hyland Plaza and plans to redevelop it as office condominiums. The remodeled spaces will range from 1,000 sf to 4,000 sf. Terms of the building acquisition were not disclosed, but Voit is believed to have paid about $6.8 million for the property, which is at 3525 Hyland Avenue. The building formerly housed oil company offices but has been vacant since the tenant moved out in 2004. Voit will reconfigure the office space interior to accommodate any size user of 1,000 sf or more, according to James V. Camp, SVP of acquisition and development for Voit Development Co. Camp says the building allows a good deal of flexibility for size and configuration of the condos. Chris Cussen of Voit Development, project manager for Hyland Plaza, says the project is expected to be ready for occupancy in January. Sam Olmstead and Tim Walker of Voit Commercial Brokerage’s Irvine office represented Voit Development and will be the listing agents for the sales of the condominiums. Brian Garbutt and Mike Meisenbach of Lee & Associates represented the seller, Hyland Windell LLC. Voit Development Co. returned to office development in Orange County after a hiatus when the market there cooled, but the company announced earlier this year that it would develop more office space in view of the gathering momentum of the county’s office market. Earlier this year, it sold an 86,633-sf office project in Tustin in a value-added play that took less than a year. “Now that office is heating up again, we intend to use our expertise to acquire value-add office opportunities and to develop new office buildings,” Camp said at the time of the Tustin office building sale. Voit remains active in the industrial market too. As reported on GlobeSt.com recently, buyers paid more than $9.7 million for the 11 buildings of the 58,080-sf Anaheim Industrial Centre, closing all of the deals within six months after the buildings went on the market.