According to Griffith, the new ownership plans to push rents based on a complete creative-office remake of the four- building project.

We spoke with Griffith about what makes Centerpointe's buildings so appealing to investors and the pros and cons of selling parts of an office campus.

GlobeSt.com: What makes Centerpointe's office buildings so appealing to investors?

Griffith: It's the location. The corner of Jamboree Blvd. and MacArthur Blvd. is the premier location in the highly sought-after Irvine Business Complex. The address puts tenants close to Newport Beach, UC Irvine and John Wayne Airport. Plus, there is quick access to freeways and tollways.

GlobeSt.com: What are the pros and cons to selling parts of an office campus?

Griffith: This particular office campus has eight buildings with four different owners. The association is well run, therefore encouraging interest from all involved in maintaining the overall exterior environment of the campus. A local management company is important in that it can be responsive to tenant and owner needs. This property has benefitted from that local association ownership.

GlobeSt.com: How would you characterize the types of buyers interested in buying parts of an office campus?

Griffith: The best buyer to consider buying into an existing campus and association is an individual local buyer who knows the area and is interested in long-term value. In this case, this buyer has already renovated more than eight different properties in the Irvine Business Complex, so they know this submarket well. They bought this to improve the property with a “creative-office environment,” which is in high demand. That product, along with this excellent location, will create long-term value for the ownership.

GlobeSt.com: What else should our readers know about this transaction?

Griffith: This buyer was in a 1031 exchange and saw the long-term value of the superior location. They will continue to upgrade the quality of the buildings' interiors, focusing on incorporating those amenities that are appealing to today's office tenant and their workforce, as well as focus on continuing to add long-term value.

IRVINE, CA—The best buyer to consider buying into an existing office campus and association is an individual local buyer who knows the area and is interested in long-term value, Newmark Grubb Knight Frank executive managing director, investment services, Bob Griffith tells GlobeSt.com. The firm recently completed the sale of four multi-tenant low-rise office buildings that are part of the high-profile 13.55-acre, eight-building Centerpointe office campus at the corner of Jamboree Blvd. and MacArthur Blvd. in the Irvine Business Complex here for $27 million to Kelemen Caamano Investments as part of a 1031 exchange.

Wind Water Realty represented the buyer, while NGKF's Griffith and Brian Garbutt of Lee & Associates represented seller CIP Real Estate.

The properties are 100% occupied with tenants that include University of California, Irvine; SGS&B Law; and Elite Education, among others. The four buildings total 105,295 square feet of space and are situated on three separate parcels of land. The mix of one-, two- and three-story office buildings have been professionally maintained and offer interior and exterior improvements.

Griffith says, “This is one of the premier locations in Irvine and a first stop for employees that live in Newport Beach and who want to be near the Airport Central Business District. The high-profile corner location demanded an excellent price per square foot of $256 with a 5.5% cap rate.”

According to Griffith, the new ownership plans to push rents based on a complete creative-office remake of the four- building project.

We spoke with Griffith about what makes Centerpointe's buildings so appealing to investors and the pros and cons of selling parts of an office campus.

GlobeSt.com: What makes Centerpointe's office buildings so appealing to investors?

Griffith: It's the location. The corner of Jamboree Blvd. and MacArthur Blvd. is the premier location in the highly sought-after Irvine Business Complex. The address puts tenants close to Newport Beach, UC Irvine and John Wayne Airport. Plus, there is quick access to freeways and tollways.

GlobeSt.com: What are the pros and cons to selling parts of an office campus?

Griffith: This particular office campus has eight buildings with four different owners. The association is well run, therefore encouraging interest from all involved in maintaining the overall exterior environment of the campus. A local management company is important in that it can be responsive to tenant and owner needs. This property has benefitted from that local association ownership.

GlobeSt.com: How would you characterize the types of buyers interested in buying parts of an office campus?

Griffith: The best buyer to consider buying into an existing campus and association is an individual local buyer who knows the area and is interested in long-term value. In this case, this buyer has already renovated more than eight different properties in the Irvine Business Complex, so they know this submarket well. They bought this to improve the property with a “creative-office environment,” which is in high demand. That product, along with this excellent location, will create long-term value for the ownership.

GlobeSt.com: What else should our readers know about this transaction?

Griffith: This buyer was in a 1031 exchange and saw the long-term value of the superior location. They will continue to upgrade the quality of the buildings' interiors, focusing on incorporating those amenities that are appealing to today's office tenant and their workforce, as well as focus on continuing to add long-term value.