Bacchus Sells Nearly 46,000 SF of Project

IRVINE, CA-Bacchus Development has sold seven buildings totaling 45,552 square feet at its Bacchus Signature Series in the past 30 days and has named Voit Real Estate Services to market the remaining eight buildings in the 265,800-square-foot office park in the Irvine Spectrum. The Irvine-based development firm has sold the seven buildings at prices averaging $225 per square foot, according to Michael Hartel, senior vice president on the Voit Real Estate Services team that is marketing the remaining buildings.

Hartel says that, given the current state of the commercial real estate market, the volume of transactions and the speed with which Bacchus has executed the building sales is a testament to the quality and location of the product.

He cites the park’s location at Irvine Center Drive and Lake Forest Drive at the confluence of the 5,405 and 133 freeways, a location close to a variety of major dining, shopping and entertainment venues.

BaccHus Development has been able to attract buyers through a determined and targeted marketing approach, despite the slow market, Hartel says. The Voit team is aiming to increase the sales volume and sell the remaining buildings over the next few months, he adds. In addition to Hartel, other members of the Voit team are Kevin Turner, Joe Winkelmann and Travis Haining.

The 265,800-square-foot project comprises 40 two-story office buildings that range from 4,950 square feet to 9,900 square feet. Since construction of the project was completed in 2007, 32 of the buildings have been sold.

The Signature Series is one of a number of Bacchus projects in Irvine, where the company last year sold the last of the units at its 331,000-square-foot 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.