Chapman, which is the largest independent university in Orange County, has paid $8.9 million for the property. It consists of five buildings, which encompass a total of 194,274 sf. Located in close proximity to the university, the complex stands at 501-635 W. Palm Ave. It is fully occupied.
Chapman's recent acquisition was purchased not just as a long-term investment, but also to ultimately provide expansion for the university's campus and housing needs, says Alan Pekarcik of Voit Commercial Brokerage's Irvine office. "Chapman University was the logical buyer," he adds. Pekarcik, along with Dan Vittone of the firm's Irvine office and Mike Hefner of the firm's Anaheim Metro office, acted on behalf of Chapman University. They also represented the seller, Acacia SCIF II LLC.
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