CSUF Gains Corporate Center for $30M

IRVINE, CA-California State University, Fullerton's Auxiliary Services Corp. has purchased two buildings at Banting Corporate Center here for a total price of $30.5 million. CBRE, which represented CSUF in the acquisition, tells GlobeSt.com that the seller was Clarion Partners.

The property includes two buildings totaling 140,000 square feet on 12.35 acres at 1 and 3 Banting here. CSUF has occupied 70,000 square feet at the center since 2010 on a seven-year lease. With this purchase, over time as the tenant leases expire, CSUF plans to occupy the entire 140,000 square feet, which would double the size of the branch campus in Irvine.

CBRE's Peter Andrich and Gregg Haly represented CSUF in the transaction. “Given CSUF's long-term commitment to the Irvine campus and to South Orange County, the decision to purchase rather than continue to lease was a strategic move that will allow them to reduce long-term occupancy costs,” says Andrich. “It also ensures ample space for additional growth at this location in the future.”

Mildred Garcia, president of CSUF, adds that the investment in the university's Irvine campus “reconfirms our commitment to South Orange County. This campus has been a true success story, and it plays an important, integral role in the university and its educational mission. We are all very excited that the Board has authorized our Auxiliary Services Corp. to pursue this purchase.”

As GlobeSt.com reported in April, CSU Fullerton Student Housing Phase III utilized at least a dozen different design practices in its successful effort to become LEED-Platinum certified. As GlobeSt.com reported earlier, the 348,000-square-foot student-housing complex here has been awarded “Best Overall Sustainable Design” in the California Higher Education Sustainability Conference's 8^th annual Energy Efficiency and Sustainability Best Practices Awards