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3/09/18
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Corporate Pointe, 160.5k sf, multi-building office campus in Irvine, sold for $41.7 mil, or $260/sf. Corporate Pointe is 97.6 percent occupied by approximately 35 local and regional tenants.
Built in 1986, Corporate Pointe’s five, two-story buildings are situated on just under 10 acres and are located at 1, 3, 5, 7 and 9 Corporate Park off Jamboree Road. The property is within the highly sought after Irvine Business Complex and is walking distance to The District Tustin Legacy, a regional shopping center. It is also near the 5, 55, and 405 freeways and 3.5 miles from John Wayne Airport.
NKF Capital Markets Co-Head of US Capital Markets Kevin Shannon, Senior Managing Directors Paul Jones and Brunson Howard, Executive Managing Director Ken White, Managing Director Rick Stumm and Director Blake Bokosky represented the seller, an undisclosed REIT. The buyer, Kelemen Caamano Investments, was self-represented.
“NKF Capital Markets marketed this property as a value-add opportunity to renovate and reposition for creative office space and highlighted the fact that it is one of only a few multi-building low-rise office campuses within the Irvine Business Complex,” said Jones. ”The buyer has experience in the IBC with creative repositions and will push rents by adding tenant amenities and enhancing the campus.”
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