October 01, 2016 5:11 AM ET

Real Estate Management and Development

Company Overview of The Irvine Company, LLC

Company Overview

The Irvine Company, LLC develops, owns, and operates residential and commercial real estate properties in California. Its portfolio includes housing properties, office spaces, retail and resort properties, apartment communities, job centers, golf courses, schools, marinas, recreation properties, shopping centers, and other communities, as well as open spaces. The company was founded in 1864 and is based in Newport Beach, California.

550 Newport Center Drive

Newport Beach, CA 92660

United States

Founded in 1864

Phone:

949-720-2000

Fax:

949-720-2218

Key Executives for The Irvine Company, LLC

Chief Financial Officer and Group Executive Vice President
President of Irvine Community Development Company
Age: 65
President of Office Properties
Age: 54
President of Resort Properties
Chairman of Retail Properties and President of Retail Properties
Compensation as of Fiscal Year 2016.

The Irvine Company, LLC Key Developments

Irvine Co. Seeks Acqusitions

According to the San Diego city planning department, The Irvine Company, LLC is in negotiations with property owners related to the potential acquisition and redevelopment of the 200-acre Riverwalk Golf Club, near the Fashion Valley mall.

Masimo Corporation Enters into Third Amendment to Lease with The Irvine Company LLC

On January 26, 2016, Masimo Corporation entered into a Third Amendment to Lease with The Irvine Company LLC, which amends the Lease, by and between the Company and Landlord, dated as of June 22, 2012, as amended by the First Amendment to Lease, dated as of May 29, 2013, and the Second Amendment to Lease, dated as of November 5, 2014, for space in a building located at 9600 Jeronimo Road, Irvine, California. Pursuant to the terms of the Amended Lease, the company's lease of the Prior Premises will be terminated in exchange for the company's leasing of approximately 70,722 square feet of space in a building located at 15776 Laguna Canyon Road, Irvine, California. The Third Amendment also extends the term of the Original Lease to the end of the month in which the ten-year anniversary of the date of commencement of the lease for the New Premises occurs. Monthly base rent payments for the New Premises under the Amended Lease will range from $67,186 to $99,718 over the Lease Term and the company made a security deposit with Landlord in the amount of approximately $110,000 upon the execution of the Third Amendment. In addition, the company will be responsible for certain costs under the Amended Lease, including certain operating, electricity and utility expenses. The Commencement Date will occur following the completion of certain improvements to the New Premises, and the company currently expects the Commencement Date to be on or before November 10, 2016. Under the terms of the Amended Lease, the company has the right to extend the Lease Term for a period of five years, subject to certain conditions, at a monthly base rent to be agreed upon by the company and Landlord or, in the event that the Company and Landlord are not able to agree on a monthly base rent for the Extension, at the fair market rental rate for the five-year renewal of the New Premises, as may be determined by an appraiser under certain circumstances.

Irvine Co. Announces Closure of IHOP and Toys R Us Casualties

Irvine Co. announced the closure of IHOP and Toys R Us casualties. The decision to close the Toys R Us store at the Market Place in Tustin was based on performance. The store closed on January 24, 2016. The company also operates a Babies R Us store at the Market Place in Irvine on Jamboree Road. The toy chain recently closed its store in Times Square in New York. The chain has no plans at this time to close a large number of other stores. In a smaller Irvine shopping center on University Drive, an IHOP closed Dec. 26. The lease was up at the pancake house, which has been operating at the Parkview Center since 1992. It's unclear whether IHOP chose to leave, or whether it was denied a lease renewal. The closure of the local Toys R Us and IHOP locations comes shortly after a Marie Callender's in Irvine said it was forced to close. Replacement tenants have not been announced.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
August 3, 2016
Property At 1090 E. Duane Avenue, Sunnyvale
Merger/Acquisition
July 1, 2016
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Merger/Acquisition
May 26, 2016
Sites at 670 Almanor, 733 Palomar, 750 Palomar And 595 Pastoria
 

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