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September 19, 2020
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Toda America Completes $26 Mil OC Office Buy

8/17/20

Toda America Inc purchased a 68.4k sf office building in Irvine for $26.2 mil, or $383/sf, in a deal that closed at a 5.6% cap rate. Toda America is a wholly owned subsidiary of Toda Corporation of Japan.

Located at 111 Pacifica, the Class A building is located in the Irvine Spectrum Entertainment Triangle. The property is 92% leased to a diverse combination of professional-service and multi-national tenants, with no one tenant occupying more than 22% of the total rentable area. The flexible floor plates and divisible suite sizes range from 858 sf to 10.5k sf.

CBRE’s Gary Stache, Anthony DeLorenzo and Rick Sherburne lead the transaction on behalf of the seller, Canopi LLC, with support from Doug Mack, Bryan Johnson, Chris Martin, David Dowd, Jennifer Whittington and Matt Didier. Canopi is an Orange County-based family office. Kenji Sakai and Yoshio Fujiwara of CBRE repped the buyer.

“We continue to see strong interest from investors for quality, well located office product,” said Stache. “Since the beginning of this pandemic our team has closed 36 transactions and have another 17 in escrow. The Irvine Spectrum location, along with limited availability of quality investment assets, were major drivers for this transaction.”

CBRE Deal Flow—the firm’s proprietary digital marketing hub for property sales—indicates that investor sentiment and transaction activity in commercial real estate are recovering from the depths of the COVID-19 crisis. Nearing the end of July, the number of signed confidentiality agreements was down by only 17% year-over-year—a marked improvement from the 74% drop-off in April and May. This measure of revived investor interest could be a harbinger of a future rebound in commercial real estate transaction volume.

The Irvine Spectrum is experiencing significant office development, according to a CBRE research report. Construction is underway at Innovation Park, a 550k sf, low-rise office campus that is expected to be completed in Spring 2021. Spectrum Terrace Phase II, a three-building, Class A office project will add 344.4k sf to the market at the end of 2020.




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