Sea Ridge Seals $1.3-Million Deal

IRVINE, CA-The ink is drying on a $1.3-million deal, which involves the acquisition of an Irvine Spectrum R&D building.

The facility, which stands at 18 Goddard, has been purchased by Sea Ridge Community Church. Encompassing 8,482 sf, the building will be used to house the organization’s corporate offices. Services will also be held at the facility, which is located in the Goddard Business Park.

Sea Ridge Community Church was represented by David Bolt of CB Richard Ellis’ Newport Beach office. Mark Jerue of Lee & Associates’ Irvine Spectrum office acted on behalf of the seller, Millennium Technologies.

Irvine Spectrum’s industrial sector has experienced a positive net absorption of 624,406 sf in the first nine months of 2001. The fourth quarter commenced with more than 192,281 sf of industrial space under construction, as the overall vacancy rate stood at 9.7%. Vacancy levels here have been fairly high, considering that the county’s overall vacancy rate was 5.7% at the start of the fourth quarter.