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IRVINE, CA-A three-story office building here has been acquired by the locally based real estate investment company CIP Real Estate.

CIP, which specializes in the acquisition, redevelopment, repositioning and management of industrial and business parks throughout Southern California, has paid $5.7 million for the Irvine property. Encompassing 37,738 sf, the multi-tenant building is located at 19762 MacArthur Blvd. It was 63% leased at close of escrow.

Mike Meisenbach and Brian Garbutt of Lee & Associates – Newport Beach acted on behalf of CIP. The seller, The Colton Co., was represented by Bob Smith of CB Richard Ellis.

The Irvine sale comes as much of the county is struggling with a glut of office space. According to a report by Voit Commercial Brokerage, the total amount of available office space in Orange County, including both direct and sublease space, has jumped from 15.71% in the first quarter of this year to 16.41% in the second quarter.

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