According to the terms of the $1.6-million agreement, Irvine Electronics will take 44,000 sf of industrial space at Del Mar Avionics' industrial complex here. The 124,000-sf property, which was built in 1975, stands at 1601 Alton Parkway.
Del Mar Avionics, which designs, develops and manufactures high-tech products, was represented by Bill Garrett of Lee & Associates. Irvine Electronics was represented by Denny Pender of Nathan Howard Group Inc.
Irvine's industrial sector has been experiencing increased vacancy levels, as it ended off the third quarter with the highest overall vacancy rate in the county. According to Cushman & Wakefield researchers, Irvine's overall vacancy rate stood at 11.2% at the end of the third quarter. Meanwhile, Orange County's overall vacancy rate stood at 5.7%, according to the Cushman & Wakefield report.
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