Earlier this year, Menlo Equities closed on the purchase of the Irvine Crossings project, a 420,000-square-foot industrial warehouse and data center in Irvine, CA from Irvine Crossing LLC. The purchase price was $47 million.
The building was 100% occupied by Savvis, a data center, and 3PL, a third-party logistics company, at the time of sale. According to Trent Walker of Voit Real Estate Services’ Irvine office, who, along with Sam Olmstead, directed the off-market sale, this deal was “a true example” of a value-add property changing hands.
The Voit team was tasked with identifying a buyer who was in the market for a high-quality investment property, explains Walker. In this case, 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.”
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