The computer-peripherals firm, I/O Interconnect, has been a tenant in the R&D building since 1997. The company's owner, Gary Kung, has been paying a gross lease rate of .50 cents per sf at the facility, which stands at 1202 E. Wakeham Ave.
"Since investors value buildings based on lease rates and Kung is paying below market rate, he was able to acquire the building for $70 per sf, which is substantially lower than the building's market value," says Gregory Ozimec, a Voit Commercial Brokerage broker who worked on the deal.
Ozimec, who works out of the firm's Irvine office, represented the buyer, Kung Investments LLC. Chris Chinnici of Collin Commercial's Irvine office spoke for the seller, W. E. Leonard and Barbara Leonard Trust.
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