(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
IRVINE, CA-Menlo Equities has closed on its purchase of the Irvine Crossings project, a 420,000 square-foot industrial warehouse and data center for $47 million. Trent Walker and Sam Olmstead of Voit Real Estate Services’ Irvine office directed the off-market sale, and Walker tells GlobeSt.com that “This deal is a true example of a value-add property changing hands.”
Walker represented the seller, Irvine Crossings LLC, and, both Walker and Olmstead the buyer, which specializes in the acquisition and development of high-profile office, R&D, and engineering commercial real estate, according to its website. The company’s portfolio includes more than 30 commercial properties in Northern and Southern California.
Irvine Crossings is situated on 21.7 acres at 17871 Von Karman and 17836 Gillette here in Irvine, CA. The building is currently 100% occupied by Savvis, a data center, and 3PL, a third-party logistics company.
“The Voit team was tasked with identifying a buyer who was in the market for a high-quality investment property,” Walker says. He tells GlobeSt.com that “Investors are always seeking value-add opportunities, and these can be rare in Orange County, especially in larger sized buildings.”
In this case, Walker adds, the buyer, which owns office buildings that are adjacent to Irvine Crossings, “recognized the potential for either future expansion of the data center or a re-development down the road. Opportunities like these make a deal a win-win for an investor.”
He adds that “The in-place industrial rents were low.”
According to a national industrial forecast from brokerage firm Grubb & Ellis, demand will accelerate in 2012, but given the sluggish domestic and overseas economies, only by about 15% to 130 million square feet. Large blocks of space will continue to outperform, says the firm.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
