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4/21/23
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A two-story, 41.6k sf flex-office building in Irvine sold for $11.87 mil ($285/sf). The building, located at 8 Hughes, was sold by Stivers Investment Company.
Built in 2000, the building is situated on 2.39 acres of land with four spaces per 1,000 parking and the capacity to be divided into a multitenant building. The property is in the highly desirable Irvine Spectrum with convenient access to the 5 and the 405 freeways.
The building was 30% occupied at the time of the sale. The new owner plans to occupy the vacant portion of the building, collect income from the existing lease, and hold the asset long term.
J.R. Williamson with NAI Capital Commercial represented the seller in the deal. According to Williamson, the seller selected an offer from a well-qualified owner/user who intends to utilize the available building space for its rapidly growing business.
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