IRVINE, CA—The best buyer to consider buying into an existing office campus and association is an individual local buyer who knows the area and is interested in long-term value, Newmark Grubb Knight Frank executive managing director, investment services, Bob Griffith tells GlobeSt.com. The firm recently completed the sale of four multi-tenant low-rise office buildings that are part of the high-profile 13.55-acre, eight-building Centerpointe office campus at the corner of Jamboree Blvd. and MacArthur Blvd. in the Irvine Business Complex here for $27 million to Kelemen Caamano Investments as part of a 1031 exchange.
Wind Water Realty represented the buyer, while NGKF's Griffith and Brian Garbutt of Lee & Associates represented seller CIP Real Estate.
The properties are 100% occupied with tenants that include University of California, Irvine; SGS&B Law; and Elite Education, among others. The four buildings total 105,295 square feet of space and are situated on three separate parcels of land. The mix of one-, two- and three-story office buildings have been professionally maintained and offer interior and exterior improvements.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
