The buyer, Ocean Equipment, has already relocated from Newport Beach to the newly acquired building. It is using the facility, which stands at 2 Thomas in the Irvine Spectrum, for light manufacturing and distribution.
Ocean Equipment was represented by Ted Truesdell of Truesdell International. Dave Kluver and Wade Tift of Grubb & Ellis' Newport Beach office acted on behalf of the seller, private investor Necdet Cobanli.
The availability rate for all types of South Orange County industrial product is on the rise, according to a recent report by Lee & Associates – Irvine Inc. The rate increased slightly last month, from 10.95% in January to 11.1% in February. Manufacturing buildings experienced the biggest shift in availability, as the rate increased from 7.95% to 8.7%.
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