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3/31/16
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An 11.5k sf, industrial property within the Irvine Spectrum in Irvine recently sold for $2.81 mil, or $244/sf. Located at 3 Wrigley, in the heart of the Irvine Spectrum, the property is one of the smallest free-standing industrial properties in the sub-market, justifying the high price per square foot.
The property’s interior and exterior were recently completely refurbished and includes a high ceiling reception area. It is well-located near the 5 and 405 freeways in the heart of the Irvine Spectrum.
David L. Kluver with NGKF represented the seller, Hunter Julian Properties, which occupied the property prior to the sale. The buyer was Saint Marina Coptic Church, who will occupy the entire building for its administrative operations. Saint Marina has space in an adjacent building it will continue to occupy as well.
“Industrial pricing within the Irvine Spectrum is at historical highs,” said Kluver. “As the product sector continues to be replaced with retail and office uses, smaller buildings like this one will be increasingly difficult to acquire.”
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