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October 17, 2021
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ORANGE COUNTY NEWS
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Private Investors Trade Irvine Office Building in $10.8 Mil Deal

7/27/21

A one-story, 24k sf office property in Irvine was purchased by a private investor for $10.8 mil ($450/sf).

The property is located at 2300 Michelson Dr, at the highly visible corner with Von Karman in the Greater Airport Area. The submarket boasts strong fundamentals, positive net absorption, lack of available space and robust rental rate growth.

Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson, John Weiner, Rocky Binswanger and David Freitag with CBRE represented the seller, a private local investor.

“The property’s central location provides irreplaceable access to Orange County’s most prestigious and coveted business corridors,” said DeLorenzo. “According to our forecasts, the OC is projected to add 68,000 new jobs over the next five years with rent growth projected to be among the highest in the country. That makes high-quality, strategically located office buildings such as this highly coveted among investors.”





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