Menlo Equities Tops List of Orange County's 2011 Industrial Transactions with $47M Buy
- Jan 19, 2012
January 19, 2012
By Barbra Murray, Contributing Editor
In what is being described by commercial real estate industry experts as Orange County, Calif.’s largest industrial consideration of 2011, Menlo Equities snapped up the Irvine Crossings project, a 420,000-square-foot industrial warehouse and data center property in Irvine. Menlo acquired the high-quality asset from Irvine Crossings L.L.C. in a transaction valued at $47 million.
Occupying nearly 22 acres of land, the facility carries the addresses of 17871 Von Karman Ave. and 17836 Gillette Ave., and encompasses approximately 310,000 of industrial space and 110,000 square feet of data center accommodations. Tenants include cloud computing and collocation services provider Savvis and third-party logistics company 3PL, which leased 180,600 square feet during the third quarter of 2011. The property is 100 percent occupied.
Voit Real Estate Services represented both the buyer and seller in the transaction. “Irvine Crossings was a value-add deal in a great location,” Trent Walker, a senior vice president with Voit, noted in a prepared statement. “The in-place industrial rents were low, and there is the ability to expand the data center, making this a stable investment with upside potential.”