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4/07/17
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Karma Automotive LLC has purchased the 262.5k sf Irvine facility that it had been leasing since August 2016 in a transaction valued at $56.25 mil, or $214/sf. Karma is an American car company that manufactures luxury hybrid plug-in vehicles.
The facility, located at 9950 Jeronimo Rd, was the former Kawasaki USA headquarters. It was sold by Bixby Land Company, who repositioned the asset after acquiring it from Kawasaki in April of 2015 for about $44 mil.
Karma is underway with its own designs for the new headquarters location, including a Branded Experience Center for its new Revero luxury sedan and ample employee amenities inspired by Bixby’s initial designs and in high demand by today’s workforce.
Gregg Haly and Jeff Carr of CBRE represented Bixby in the transaction. Karma Automotive was repped by Kevin Leonard of Heathwest Realty. The transaction completes Bixby’s investment strategy for the project, which also included the sale of an adjacent 4.7-acre vacant land parcel to Chapman University for the ongoing expansion of its Irvine campus.
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