Cypress to Get $80-Million Business Park

Big business is expected to turn its eyes again soon to Cypress, that Orange County bedroom community that started focusing in the 1970s on drawing more commerce to its city limits.

During the past five years, since the city approved a zoning initiative that spurred commercial and industrial real estate development, several nationally recognized companies--McDonnell Douglas, Sony, Fiat, Mitsubishi Electric, Yamaha, Panasonic, American Bell and Security Pacific National Bank--have made Cypress the site of major corporate facilities.

Now another large real estate development is planned.

It’s the $80-million mixed-use CypressPointe, a 48-acre business park that will be built, starting Tuesday, on the southwest corner of Valley View and Cerritos avenues.

The $30-million first phase will consist of four buildings: a two-story, 60,000-square-foot office structure oriented toward major corporate users with 30,000 square feet of contiguous floor space; a two-building office complex totaling 75,000 square feet for office users, and a 60,000-square-foot sales-and-service center building suitable for offices and light assembly.

In all, the first phase will have 200,000 square feet of space. The project is planned to have 750,000 square feet.

Designed by Ware & Malcomb of Irvine, the concrete tilt-up buildings will have reflective blue glass on much of their exteriors. The project will have a campus-like setting with a bicycle path, 40-foot building setbacks, mounded lawns and meandering walkways.

Parking in the ratio of four spaces for every 1,000 square feet of building area will be provided.

Overton, Moore & Associates and Copley Real Estate Advisors are joint venturing the development, and Grubb & Ellis is handling marketing.

Grubb & Ellis represented Overton; Moore in acquiring the land and Cypress View in selling it. That transaction was reportedly the largest commercial land sale in Orange County in 1986. The Times has learned that the property sold for about $25 million, including off-site improvements.