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3/04/22
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7 Corporate Park, a 37.2k sf, creative office asset in Irvine, was acquired by an undisclosed private high-net-worth individual for $15.6 mil, or $419 per square foot.
7 Corporate Park is part of a five-building creative campus known as The Parc, which features on-site amenities including a coffee bar, outdoor tenant lounges and multiple open-air patios. In 2019, the campus underwent a transformational capital plan with major improvements including new lobbies, updated corridors, renovated restrooms, drought-resistant landscaping, LED lighting upgrades and new roof with solar panels. At the time of sale, 7 Corporate Park was 96% leased to nine tenants with 6.1 years weighted average lease term remaining.
The property is situated near the intersection of Alton and Barranca Parkways in Irvine, offering convenient access to numerous dining and shopping amenities. The dense, mixed-use area features 16,099 multifamily units, 3,396 hotel keys and 1,647 retails shops and restaurants within a two-mile radius of the property. The location offers convenient access to the 405 Freeway and California State Route 55 and is just a 12-minute drive to John Wayne Airport.
The seller, Kelemen Company, was represented by Paul Jones, Kevin Shannon, Brandon White, Liam Ogburn, Sean Fulp, Ryan Plummer and Mark Schuessler with Newmark. The buyer was repped by Oliver Ternate and Fouy Ly of Kidder Matthews.
“Located in the amenity-rich IBC submarket, 7 Corporate Park offers the new owner a stabilized investment with very little tenant rollover over the next few years,” said Jones. “In addition, the new ownership has the opportunity to add further value with the lease-up of the one remaining vacant suite.”
According to Newmark Research, sales volume for Orange County office assets was particularly strong in 2021, marking the highest volume since 2017 after several large deals closed during the fourth quarter. The office leasing market is on the path to recovery with occupancy continuing to improve. Vacancy increases have slowed, sublet availability is trending down, supply has remained in check and rental rates are holding strong, all of which set the stage for a healthy recovery for Orange County’s office market.
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