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6/02/16
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In a recent OC investment buy, Olen Properties has acquired Main & Redhill Business Center, a 15-building, low-rise office campus totaling 203.9k sf of space in Irvine, for $44.8 mil ($220/sf). The 97-percent-leased business park has stable-in place cash flow supported by strong historical tenancy.
Main & Redhill Business Center is situated on 17 acres adjacent to the I-405/ 55 Fwy interchange in Orange County’s airport area submarket. This location provides high visibility from the freeways; access to more than 5.5 msf of retail amenities in the surrounding area; close proximity to executive housing in the residential communities of Newport Beach, Newport Coast, Del Mar, Irvine and Laguna Beach; as well as easy access to John Wayne International Airport, one-half mile from the property.
Ryan Gallagher, Mike McCann, Tim Geiman and Derreck Barker of HFF represented the seller, a global real estate investment management firm.
“The Main & Redhill offering presented an excellent opportunity to purchase a critical mass of land in Orange County’s premier Irvine Business Complex that has tremendous upside through lease renewals and tenant rollover,” said Gallagher. “The property’s design and layout is easily modifiable to reposition the space to a unique and progressive creative office campus environment.”
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