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IRVINE, CA-Steadfast Properties has acquired two obsolete, 18,500-sf office buildings here that the company plans to redevelop into state-of-the-art, class A office space for sale, according to Gil Marrero of Voit Commercial Brokerage’s local office.

The buildings are located at 18831 and 18851 Bardeen Ave. in the Irvine Business Complex, across from John Wayne Airport. Newport Beach-based Steadfast bought the buildings from a private investor for $5.5 million, with Marrero representing Steadfast and Trent Walker, also of Voit Commercial Brokerage’s local office, representing the seller.

Steadfast typically develops small, class A office buildings from the ground up, but was looking to acquire property to satisfy a 1031 Exchange requirement, explains Marrero, who is currently marketing this project, as well as other Steadfast projects for sale. He says the developer chose the buildings because of their “excellent location, interesting architectural features and marketability once renovated.”

Even though the office leasing market remains weak, low interest rates are driving the small-building-for-sale market, with demand outpacing supply, Marrero reports–a refrain that is heard from brokers throughout Southern California. He sees the buildings, once renovated, as well suited for small companies with approximately 20 to 60 employees.

The development company will begin renovating the 25-year old buildings in November. The scope of the project includes exterior and interior improvements, replacing the facade and landscaping, as well as repairing the atriums located in a center courtyard in each of the two buildings.

According to Marrero, several local companies have already showed an interest in acquiring the buildings, which are the latest in a series of developments, acquisitions and dispositions this year for Steadfast, which acquires, develops and manages real estate within the continental US, Hawaii and Mexico. The others included the development of a 25,000-sf office building called Acacia Business Center at 20377 Acacia in Newport Beach, and the later sale of that building, plus the development of 54,000 sf of speculative office space in four buildings called Birch Bayview Plaza in Newport Beach.

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