Harbor Field Holdings LLC has paid more than $3.4 million for the property, which is located at 9 Whatney in Irvine Spectrum. Though the company acquired the structure primarily for investment purposes, it also plans to use 4,000 sf of it for its own warehousing purposes.

Vince Kagawan of Pinnacle Real Estate in Irvine spoke for Harbor Field Holdings LLC, a California limited partnership. The seller, Morgan-Alton Ltd., was represented by Christine Bowen and John Matus of Lee & Associates Irvine Spectrum office.

The Greater Airport Area has been experiencing a drop in demand for industrial space, which local industry sources attribute to the slowdown in the high-tech sector. The direct average asking rate for all industrial product types here has dropped significantly during the last year, according to recent research by Cushman & Wakefield: The current $1.10-psf triple-net rate is down sharply from $1.34 a year ago.