Creative-Space Conversion Aids Office Deal

IRVINE, CA-Converting a former industrial building into  creative-office space may have helped 16752 Armstrong Ave. here sell. The recent deal was transacted after the owner completed the renovation and repositioned the asset.

As GlobeSt.com reported exclusively last week, Griffin Capital Corp. purchased the recently reconstructed, 82,645-square-foot, class-A creative-office building on behalf of Griffin Capital Essential Asset REIT Inc. The property, located in the Irvine Business Complex adjacent to the master-planned Tustin Legacy development, was acquired from a partnership between Penwood Real Estate Investment Management and Shubin Nadal for $27.2 million.