CBRE ANNOUNCES SALE OF OFFICE BUILDING IN IRVINE, CA FOR $4.8 MILLION

05 Jul 2018

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CBRE announced the sale an office building in Irvine, CA for $4.8 million to an education company, which is expanding its current operations from a nearby building.

Gary Stache, Anthony DeLorenzo, Doug Mack and Ross Bourne represented the seller, JFA Designs, a Los Angeles-based jewelry design company. The buyer, Online Trading Academy, was represented by an outside broker.

Located at 17791 Fitch Avenue, the 15,405-square-foot research and development building includes 10% warehouse space. The buyer plans extensive renovations to the property, which sits in proximity to their first location and was a strategic move.

“Several of our recent transactions have involved owner-user buyers, paying premium pricing,” said DeLorenzo. “With limited opportunities to purchase space in Irvine, this is a unique property, located in a very desirable live-work-play environment.”

The two-story property is located close to John Wayne Airport and within the Irvine Business District’s major commuter and commercial SR-55 corridor.

Current office sales activity in Orange County continues to outpace prior quarters. The region’s well-diversified economy, high-quality labor force, direct access to major airports and livework-play environment makes it a highly attractive market for tenants. Exceptionally strong annual growth ranked OC second in the nation in year-over-year lease rate growth in Q1 2018, according to CBRE research. Rates also surpassed previous peaks last year.

This CBRE team has completed more than 156 transactions valued more than $2.3 billion, since 2015.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.