(Read more on the industrial market.)
IRVINE, CA-Property management firm Don Wilson Builders has acquired the144,185-sf Goodyear Business Park from Panattoni Development affiliate Goodyear Land Holdings LLC for $33.7 million, according to Voit Commercial Brokerage and CB Richard Ellis. Voit represented the buyer and CBRE the seller of the business park, which is a a seven-building, 39-unit industrial park in the Irvine Spectrum that features a high build-out of office space.
According to Mike Hartel, an SVP in the Irvine office of Voit, the new owner is offering the 39 condominium units for lease. The units range from 2,807 sf to 25,712 sf and can be combined for up to 25,712 sf.
Hartel notes that Wilson, a firm that provides professional property management services to owners and investors of residential and commercial properties, opened escrow on the deal while the project was still under development. The sale then closed upon the completion of construction.
Hartel represented the buyer, with the seller represented by Gregg Haly and Jeff Carr of the Newport Beach office of CB Richard Ellis. Hartel says that Wilson will add this asset to the company's investment portfolio.
The business park is located at 8 Goodyear, 12 Goodyear, 14 Goodyear, 16 Goodyear and 18 Goodyear in what Hartel calls the “heart of the Irvine Spectrum,” which consists of approximately 5,000 acres of master-planned space. The project is close to the Interstate and 405 freeways as well as the 133 and the 241 toll road.
Hartel, Travis Haining, Kevin Turner and Joe Winklemann of Voit Commercial Brokerage's Irvine office are marketing the units for lease. The project has generated substantial interest from prospective tenants, according to Hartel.
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