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9/26/24
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A 157.5k sf office building in Irvine sold for $40.6 mil ($258/sf) in a recent owner/user buy. The building, located at 5 Peters Canyon Rd, was purchased by TP-Link Systems Inc.
The low-rise building, built in 2000, sits on 9.55 acres in northeast Irvine. At the time of the sale, it was 87.9% leased with a variety of tenants and features an on-site café, a large outdoor patio, a renovated lobby and over 700 parking spaces. The three-story building runs parallel to State Route 261 and is less than a mile from Interstate 5.
CBRE Investment Properties' Anthony DeLorenzo, Sammy Cemo, Bryan Johnson, along with Matt Didier, Jennifer Whittington and David Dowd, represented the seller, a joint venture with Pendulum Property Partners, in the transaction. CBRE’s Eric Purmort repped the buyer in the deal.
"This was an incredible opportunity for the buyer, a technology company, to purchase an institutional quality asset they can grow into for years to come," said DeLorenzo, CBRE's vice chairman. "Our team worked quickly to produce a very competitive bidding environment from a diverse buyer pool, closing the transaction within 90 days of listing the property for sale."
CBRE research cites a direct vacancy rate for low-rise offices of 12.1% in Q2 2024, well below the rest of the office market.
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