IRVINE, CA-Sares-Regis Group has acquired 2.1 acres at 2500 Main St. in the Irvine Business Complex for $8.5 million. The land, now a vacant industrial facility, will be the site of a redevelopment play that could transform it into multifamily housing or a mixed-use commercial project.
Michael Ross of the downtown L.A. office of Colliers International, which brokered the land sale, says the property's location in the popular Irvine Business Complex renders it suitable for a number of different redevelopment possibilities. He points out that the business complex "has undergone a dramatic transformation that now includes high-rise apartments and condominiums, as well as office, retail, hotel and entertainment uses."
The Irvine Business Complex is the city's largest concentration of existing high-rise business centers and office parks, home to more than 4,500 companies that employ more than 110,000 workers. The complex encompasses more than 18 million sf of class-A corporate office space and approximately 30 million sf of R&D and industrial facilities.
Ross was part of a Colliers International team that brokered the land sale on behalf of the seller, a private investor. Others on the Colliers team were Fred Cordova and Steve Nanino of Colliers' downtown L.A. office and Stephen Schloemer of the company's Irvine office.
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