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1/11/23
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Rexford Industrial Realty purchased an 82.6k sf creative office building in Irvine for $40 mil ($484/sf). The property is fully leased to Fox Head Inc, which was recently acquired by Vista Outdoor, the parent company of over 40 renowned brands of outdoor apparel and products. The property was originally acquired by the seller, Griffin Realty Trust Inc, in October 2013 for $27.25 mil ($330/sf).
The industrial zoned property, which serves as Fox headquarters, sits on 6.5 acres at 16752 Armstrong Ave. The excess outdoor space features abundant parking, a BMX track, a skate park, gathering space and fire pits. The building itself includes unique, themed architecture with two floors of creative office space including conference rooms, common areas, abundant natural light, an open floor-to-ceiling lobby area and designated workspaces.
The asset is located within Orange County’s dynamic Irvine Business Complex, offering convenient access to the San Diego (I-405) and Costa Mesa (SR-55) Freeways and walkability to The District at Tustin Legacy. It is also proximate to John Wayne Airport and numerous specialty retail locations, business services, medical centers, restaurants and entertainment options.
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones, Bret Hardy and Ken White and Director Brandon White represented the seller, Griffin Realty Trust, in the transaction.
Shannon noted, "The industrial market fundamentals in Orange County remain solid with a vacancy rate of less than two percent. The ability to acquire 6.5 acres in a mature infill industrial market with strong existing yield was compelling."
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