IRVINE, CA—CBRE Global Investors has purchased 2600 Michelson, a 16-story, 311,000-square-foot office tower here, for $120 million from Ocean West Capital Partners. The asset is 99% occupied with major tenants including Loan Depot, Jacobs Engineering, Zillow and Premier Business Centers.
The property was built in 1986, and the sellers completed an extensive renovation on it last year. The seller declined GlobeSt.com's requests to discuss the specifics of the renovations or their total cost, but did tell us the firm is working on two other repositioning projects in Orange County. We were unable to get the details of the projects before deadline.
Situated on approximately 4.6 acres in the Greater Airport Area, 2600 Michelson features a polished-granite and glass exterior, a two-story lobby that overlooks a koi pond and courtyard and a five-story adjacent parking structure. It is adjacent to Central Park West, a new mixed-use urban village, and is within walking distance of Houston's Restaurant, Mother's Market, L.A. Fitness and TRADE retail center, which features more than 30 micro-restaurants, bars and shops. The asset is within a major business hub and offers easy access to the airport, 405 and 55 freeways as well as SR-73.
NKF Capital Markets president West Coast Kevin Shannon, senior managing director Paul Jones, executive managing director Ken White, senior managing director Brunson Howard and director Blake Bokosky represented Ocean West in the transaction, while CB Global Investors represented itself. Jones said in a prepared statement that the property's location, views and improvements make it “a great long-term hold for new ownership at a discount to replacement cost.”
A week of nine-figure sales and refinancing announcements have peppered the first full week of 2018 in the Orange County and San Diego markets, with IEC purchasing the Surf at 39 apartment community in Huntington Beach for $134 million and Mesa West Capital originating a $165-million refinancing loan for two apartment complexes in San Diego's Kearny Mesa submarket.
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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.
