January 9, 2023 9:00 AM
Newmark[1] announces it has arranged the sale of an 82,645-square-foot creative office building in Irvine, California for $40 million. The property is fully leased to Fox Head, Inc. (“Fox”), which was recently acquired by Vista Outdoor, the parent company of over 40 renowned brands of outdoor apparel and products. The property was originally acquired by the seller, Griffin Realty Trust, Inc., in October 2013 for $27.25 million.
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones, Bret Hardy and Ken White and Director Brandon White represented the seller, Griffin Realty Trust, in the transaction. The buyer was Rexford Industrial Realty.
“This asset is located in the heart of the Irvine Business Complex (“IBC”) with strong tenancy and in-place cash flow offering a unique covered industrial land play for Rexford in the future,” said Jones.
Shannon added, “The industrial market fundamentals in Orange County remain solid with a vacancy rate of less than two percent. The ability to acquire 6.5 acres in a mature infill industrial market with strong existing yield was compelling.”
The industrial zoned property, which serves as Fox headquarters, is located at 16752 Armstrong Avenue and situated on 6.5 acres. The excess outdoor space features abundant parking, a BMX track, a skate park, gathering space and fire pits. The building itself includes unique, themed architecture with two floors of creative office space including conference rooms, common areas, abundant natural light, an open floor-to-ceiling lobby area and designated workspaces.
The asset is located within Orange County’s dynamic Irvine Business Complex, offering convenient access to the San Diego (I-405) and Costa Mesa (SR-55) Freeways and walkability to The District at Tustin Legacy. It is also proximate to John Wayne Airport and numerous specialty retail locations, business services, medical centers, restaurants and entertainment options.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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[1] Dba Newmark Knight Frank in California