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8/21/24
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A two-story, 57.3k sf low-rise commercial building in Irvine traded hands in a $13 mil ($227/sf) deal. The property, located at 17101 Armstrong, was purchased by a municipal owner/user.
Built in 1982, the building sits on a 2.49-acre corner lot at Armstrong Ave and Kettering Street. The property includes 167 parking stalls and has easy access to I-405 and State Route 55.
Anthony DeLorenzo, Sammy Cemo and Bryan Johnson, and Carter Haslam with CBRE represented the seller, RGP, in the transaction.
"This was a great result for both parties, which provided for the seller to downsize and reduce their real estate footprint, and for the buyer the ability to occupy a strategically located asset within the Irvine Business Complex for years to come," said DeLorenzo. "We are seeing strong demand from owner-users looking to expand their footprints into quality real estate within Orange County and Southern California."
Over the last decade, low-rise office product growth has out-paced high-rise projects in vacancy compression and rent growth. According to CBRE research, direct vacancy for low-rise offices in Orange County was 10.6% in Q2 2024.
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