The newly completed building encompasses 55,200 sf. Located at 1000 Railroad Dr., its sole tenant is Acuity Brands Inc. The company, which is comprised of lighting fixture manufacturer Acuity Lighting Group and specialty chemicals provider Acuity Specialty Products, inked a 15-year lease here prior to the sale of the building. In addition to its headquarters in Atlanta, GA, Acuity Brands Inc. has manufacturing and distribution facilities throughout North America and Europe.
Crown Associates Realty Inc. was represented by Jeff Mitchell of Voit Commercial Brokerage's Irvine office. Mitchell also acted on behalf of the seller, Investment Building Group, a private owner and developer of industrial properties throughout California.
Facilities in the small to mid-sized range, such as the 55,200-sf Irvine building, continue to be the biggest sellers in the Orange County region. This type of product is drawing buyers, as interest in the large R&D-flex market is waning. According to a recent survey by Grubb & Ellis Co., now that the region is suffering from a space glut, it is that R&D-flex market that "has been hardest hit."
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