Bacchus Sells Out 331,000-SF Development

IRVINE, CA-Bacchus Development has sold the last of the units at its 331,000-square-foot Bacchus Office Park and is recording steady sales at two other projects in Irvine. Michael Vukovich of the Irvine-based development firm tells GlobeSt.com that with the closing out of Bacchus Office Park, the company has now developed more than one million square feet over the past five years at five projects in the Irvine Spectrum.

Prices for the Bacchus Office Park buildings averaged $413 per square foot on a shell basis, according to Vukovich, who tells GlobeSt.com that despite a general slowing in the pace of sales because of the economic slump, the number of prospective buyers has been increasing lately at the other two properties that Bacchus is marketing. The other two projects are the 338,000-square-foot Jeffrey Office Park and the 266,000-square-foot Bacchus Signature Series.

The Jeffrey Office Park buildings are selling for an average of about $480 per square foot and the Signature buildings for about $325 per square foot. Vukovich explains that the Jeffrey buildings are commanding higher prices because they project is zoned for 100% office buildings and is attracting buyers like accountants, lawyers, a music school and other office users. The Signature buildings are closer to R&D product and are targeted toward design professionals, architects, engineers, real estate development companies, marketing companies and the like. The Jeffrey project is about 65% sold out and the Signature Series is between 55% and 60% sold out.