NGKF Closes $16M SoCal Office Sale
- Sep 27, 2016
Los Angeles—NGKF has announced the $15.7 million sale of the Jamboree Business Center in Irvine, Calif. The 41,069-square-foot, multi-tenant creative office building was 100 percent leased at the time of sale by nine tenants.
The three-story building located at 2860 Michelle Drive was built in 2004 and underwent a $4 million renovation in 2015. The property features multiple indoor and outdoor community spaces, as well as recently redesigned first- and second-floor lobbies. The property is well-located near the I-5 and 261 Toll Road, offering access to an adjacent L.A. Fitness.
Robert Griffith and Scott Read from NGKF Capital Markets co-listed the property alongside Windwater Realty, on behalf of seller Roosevelt Capital LLC. The property closed at a six percent cap rate and was acquired by an undisclosed private investor.
“Jamboree Business Center is a prime, state-of-the-art creative office building that offered the buyer a stabilized investment in a highly desirable Irvine location,” said Griffith in a statement. “The buyer plans to hold for the long term.”
Image courtesy of Irvine Company Office Properties