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Kelemen Caamano Investments Spends $27 Mil on Four OC Office Properties

1/27/17

Four multi-tenant, low-rise office buildings in Irvine traded hands in a recent $27 mil transaction. The buildings, located at the corner of Jamboree Blvd and MacArthur Blvd, were acquired by Kelemen Caamano Investments as part of a 1031 exchange.

The four buildings, totaling 105.3k sf on three separate land parcels, are part of the high-profile, 13.55-acre, eight-building Centerpointe office campus. The properties are 100 percent occupied with tenants that include University of California, Irvine, SGS&B Law, and Elite Education, among others. The mix of one-, two- and three-story office buildings have been professionally maintained and offer high-quality interior and exterior improvements.

Wind Water Realty represented the buyer. The seller, CIP Real Estate, was represented by Robert Griffith with Newmark Grubb Knight Frank along with Brian Garbutt of Lee & Associates.

“This is one of the premier locations in Irvine and a first stop for employees that live in Newport Beach and who want to be near the Airport Central Business District,” Griffith said. “The high-profile corner location demanded an excellent price per square foot of $256 with a 5.5 percent cap rate.”

According to Griffith, the new ownership plans to push rents based on a complete creative office remake of the four- building project.





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