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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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.
