The buyer, Ocean Equipment, has already relocated from Newport Beach to the newly acquired building. It is using the facility, which stands at 2 Thomas in the Irvine Spectrum, for light manufacturing and distribution.
Ocean Equipment was represented by Ted Truesdell of Truesdell International. Dave Kluver and Wade Tift of Grubb & Ellis' Newport Beach office acted on behalf of the seller, private investor Necdet Cobanli.
The availability rate for all types of South Orange County industrial product is on the rise, according to a recent report by Lee & Associates – Irvine Inc. The rate increased slightly last month, from 10.95% in January to 11.1% in February. Manufacturing buildings experienced the biggest shift in availability, as the rate increased from 7.95% to 8.7%.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
