May 4, 2021 9:00 AM
Newmark Knight Frank (“Newmark”) announces it has arranged the sale of Freeway Corporate Park, a multi-tenant corporate office park in Orange County Greater Airport Area/Irvine Business Complex.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones and Brunson Howard and Senior Associate Brandon White represented the seller. The buyer, BH Properties, was represented by Bob Caudill from Colliers.
“Freeway Corporate Park offered a rare post-COVID-19, value-add opportunity in the Irvine Business Complex at a very attractive basis,” said Jones. “BH Properties will capitalize on the re-energized leasing activity in the Orange County marketplace for low-rise office product.”
Freeway Corporate Park is a two-building, multi-tenant office complex totaling 128,266 square feet, located at 2501 Pullman Street and 1700 E Carnegie Avenue. The campus-style project presents unobstructed freeway frontage along the Costa Mesa (SR-55) Freeway and proximity to numerous amenities including the District in Tustin, the Tustin Legacy, South Coast Plaza and Von Karman Plaza.
The property is currently 56 percent leased to two tenants – Iteris and Orange County Head Start, Inc. The two buildings are connected by a skywalk, enhancing tenant expansion optionality. The property has undergone capital enhancements over the course of the previous owner’s tenure, with activation of common area patios, upgrades to the HVAC and other improvements.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.