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August 9, 2020
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Irvine R&D Building Sells for Over $300/sf


A 15.4k sf office building in Irvine was purchased for $4.8 mil ($312/sf) by an education company, which is expanding its current operations from a nearby building.

Located at 17791 Fitch Ave, the R&D building is close to John Wayne Airport and within the Irvine Business District’s major commuter and commercial SR-55 corridor. It includes 10% warehouse space. The buyer plans extensive renovations to the property, which sits in proximity to their first location and was a strategic move.

Gary Stache, Anthony DeLorenzo, Doug Mack and Ross Bourne with CBRE represented the seller, JFA Designs, a Los Angeles-based jewelry design company. The buyer, Online Trading Academy, was repped by an outside broker.

“Several of our recent transactions have involved owner-user buyers, paying premium pricing,” said DeLorenzo. “With limited opportunities to purchase space in Irvine, this is a unique property, located in a very desirable live-work-play environment.”

Current office sales activity in Orange County continues to outpace prior quarters. The region’s well-diversified economy, high-quality labor force, direct access to major airports and live-work-play environment makes it a highly attractive market for tenants. Exceptionally strong annual growth ranked OC second in the nation in year-over-year lease rate growth in Q1 2018, according to CBRE research. Rates also surpassed previous peaks last year.

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