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2/20/20
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A 55.3k sf industrial building in Irvine was purchased by local lighting manufacturer Ledra Brands for $16.6 mil, or $300/sf. The buyer had sold an industrial building in Tustin prior to this, as part of a 1031 exchange.
The facility is on a 3.68-acre lot at 88 Maxwell, within the Irvine Spectrum submarket. It is within two miles of I-5, I-405 and SR 133, three major freeways that connect the Irvine Spectrum submarket to the rest of Orange County. The single-story, freestanding structure features 14.7k sf of office space, four dock-high loading doors, 30’ clear height and 125 parking spaces.
Ross Fippinger and Ross Bourne of CBRE represented the buyer in the transaction. Gregg Haly and Dave Desper of CBRE repped the seller, University Medical, in the transaction.
The average asking lease rate for industrial real estate ended the year above $1 per square-foot for this first time in the history of Orange County, according to a CBRE research report. Vacancy fell to 1.5%, a decrease of 80 bps quarter-over-quarter and a decrease of 20 bps year over year.
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