James D. Kuhn, president of Newmark Grubb Knight Frank, today announced that the brokerage team of Robert Griffith and Greg May, executive managing directors in the company’s Newport Beach, Calif., office, has been selected by Blackstone Group LP to market for sale Centerstone Plaza, a Class A office, medical office and retail property at 4000-4040 Barranca Parkway in Irvine, Calif.
Centrally located at the intersection of Culver Drive and Barranca Parkway in a master-planned, residential community, Centerstone Plaza offers 157,167 square feet of leasable space in four, two-story office buildings and two free-standing restaurants. Virtually 100 percent occupied since it was constructed in 1988, many of Centerstone’s original tenants remain. St. Joseph Hospital is the primary occupant of one building; Tarbell Realtors, First Team Real Estate and executive suite operator Premier Business Centers are a few of the other major office tenants. Islands Restaurant and Mimi’s Café each lease approximately 6,000 square feet of retail space.
“Centerstone Plaza is an integral part of the community and one of the most sought-after business addresses in Irvine,” Mr. Griffith said. “The property’s ideal location, superb amenities and strong tenant roster make this a somewhat rare and very attractive investment opportunity.”
“No property in the marketplace offers the stability and prestige of Centerstone Plaza,” Mr. May added. “We expect the listing to generate significant interest from local buyers as well as leading institutional investors.”
For more information, contact Mr. Griffith at 949.608.2091 or May at 949.608.2101.
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank, employs more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.