IRVINE, CA-CT Realty Investors has acquired 9 Holland, a 180,981-square-foot industrial warehouse in the Irvine Spectrum here, from a joint venture between Brookhollow Group and Penwood Real Estate Investment Management for $17.3 million. Configured for two tenants, the space is partially occupied by Bio-Rad Laboratories Inc., which currently leases 88,180 square feet, or approximately 48% of the building.
According to Carter Ewing, managing partner of CT Realty, the company plans to reposition the remaining space to appeal to the South Orange County submarket, which is experiencing a lack of industrial supply due to strong absorption and the scarcity of buildable land. The reconfiguration will include modernization of the existing office space and conversion of some of the office space to additional warehouse space. While the building currently features four dock-high loading doors, the repositioning plan will include the ability to add two more doors depending on tenant needs.
The warehouse at 9 Holland enjoys easy access to the I-5 and 405 freeways as well as the 133 and 241 toll roads. CT represented itself in the acquisition, with Gregg Haly, Jeff Carr and Dave Desper with the Newport Beach office of CBRE representing the joint-venture seller.
“The Holland property is located in one of the best-performing industrial submarkets in Southern California with outstanding access to service areas in Orange, Los Angeles and San Diego counties,” said Ewing in a prepared statement. “We were also attracted to this property because it represents one of the few available industrial properties in the submarket, especially in the 75,000-to-150,000-square-foot range.”
Ewing added that the South Orange County submarket primarily consists of regional offices and corporate headquarters for locally owned businesses, and the purchase of 9 Holland presented “a rare opportunity to provide much-needed industrial warehouse space in the Spectrum area, a highly desirable location with terrific retail and restaurant amenities as well as nearby executive housing.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
