The Steelcase facility is the largest building in the Irvine Business Complex. The deal is believed to be the largest single industrial property ever sold in Orange County. Terms of the sale were not disclosed, but an industry source tells GlobeSt.com that the asset sold for substantially less than the $35 million that Steelcase had hoped to garner for the property. The source says no specific asking price was established for the facility, which was sold via a bid process.
James V. Camp, Voit's senior vice president for development and acquisitions, says Voit will keep 500,000 sf of the existing facility and demolish the other 500,000 sf in order to create a new project, Tustin Gateway Business Park. Voit was represented in the purchase by Trent Walker and Jeff Mitchell of Voit Commercial Brokerage, who are also the listing agents for the space.
Voit says it is studying various development options for the 500,000-sf portion of the facility that will be demolished, including the creation of a 19-building, 250,000-sf business park. Under that plan, the industrial buildings would vary in size from 4,500 sf to 38,000 sf and be available for sale or for lease.
Voit has selected Ware Malcomb Architects of Irvine as the designer for the redevelopment. Wells Fargo Bank has provided financing. Valley Commercial Contractors, a Voit company based in Woodland Hills, will be the general contractor, with DRC of Southern California lined up for the project's civil engineer.
Voit has redeveloped other massive industrial facilities, such as the former General Motors plant in Van Nuys, CA, a former manufacturing site that was converted into a 68-acre industrial park and retail center, and Voit Brea Business Park, where a 530,000-sf development on a former Tosco oil refinery site is under way.
Steelcase, which has relocated to the City of Industry, was represented by the Jones Lang LaSalle team of Sam Foster, and Bill Suits, as well as Bob Dmytryk and Tom Miller of Jones Lang LaSalle's Capital Markets Group.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.