Earlier this year, Menlo Equities closed on the purchase of the Irvine Crossingsproject, a 420,000-square-foot industrial warehouse and data centerin Irvine, CA from Irvine Crossing LLC. Thepurchase price was $47 million.
The building was 100% occupied by Savvis, a data center, and3PL, a third-party logistics company, at the time of sale.According to Trent Walker of Voit RealEstate Services’ Irvine office, who, along withSam Olmstead, directed the off-market sale, thisdeal was “a true example” of a value-add property changinghands.
The Voit team was tasked with identifying a buyer who was in themarket for a high-quality investment property, explains Walker. Inthis case, the buyer, which owns office buildings that are adjacentto Irvine Crossings, “recognized the potential for either futureexpansion of the data center or a re-development down theroad. Opportunities like these make a deal a win-win for aninvestor.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.