NGKF Closes Sale of 4 Orange County Office Assets
- Jan 31, 2017
Irvine, Calif.—NGKF completed the sale of four multi-tenant, low-rise office buildings in Irvine for $27 million. Wind Water Realty represented the buyer, Kelemen Caamano Investments. The seller, CIP Real Estate, was represented by Robert Griffith, executive managing director of NGKF, investment services, and Brian Garbutt of Lee & Associates.
Located at the corner of Jamboree and MacArthur boulevards, the four buildings are part of the 13.55-acre, eight-building Centerpointe office campus. Totaling 105,295 square feet, the properties are 100 percent occupied with tenants including University of California at Irvine, SGS&B Law and Elite Education.
“This is one of the premier locations in Irvine and a first stop for employees that live in Newport Beach and who want to be near the Airport Central Business District,” said Griffith in prepared remarks. “The high-profile corner location demanded an excellent price per square foot of $256 with a 5.5 percent cap rate.”
Image courtesy of Yardi Matrix