Tony Gleason of Voit Commercial Brokerage's Irvine office tells GlobeSt.com that USC bought the building from Newport Beach-based Layton-Belling & Associates for $5.4 million. Gleason and John Griffin, also of Voit Commercial's Irvine office, represented Layton-Belling & Associates, with Jason Warner of Cushman & Wakefield in Los Angeles representing the buyer.
Built in the 1980s, the new USC facility is a freestanding, single-story, concrete tilt-up structure at Von Karman and Michelson avenues that was empty at the time of the sale. Los Angeles-based USC is expected to occupy it later this year after tenant improvements to convert it for university use.
Seller Layton-Belling is a real estate investment and management firm that was founded in 1991 and focuses on value added office and industrial properties as well as core industrial properties. Since 1995, it has acquired more than $900 million in real estate assets on behalf of investment funds and as individual investments.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
