Newmark Grubb Knight Frank (NGKF) has completed the sale of four multi-tenant low-rise office buildings in Irvine for $27 million. The buildings, located at the corner of Jamboree Blvd. and MacArthur Blvd., were acquired by Kelemen Caamano Investments as part of a 1031 exchange. Wind Water Realty represented the buyer. The seller, CIP Real Estate, was represented by NGKF Executive Managing Director, Investment Services Robert Griffith along with Brian Garbutt of Lee & Associates.
The four buildings are part of the high-profile 13.55-acre, eight-building Centerpointe office campus. The properties are 100 percent occupied with tenants that include University of California, Irvine, SGS&B Law, and Elite Education, among others. The four buildings total 105,295 square feet of space and are situated on three separate parcels of land. The mix of one, two and three-story office buildings have been professionally maintained and offer high-quality interior and exterior improvements.
“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,” Griffith said. “The high-profile corner location demanded an excellent price per square foot of $256 with a 5.5 percent cap rate.”
According to Griffith, the new ownership plans to push rents based on a complete creative office remake of the four- building project.
“Similar to this transaction, exchange buyers continue to be a dominant investor pool in Southern California.” Griffith added. Griffith has handled a number of recent investment transactions following this trend, including:
• 2860 Michelle Ave, Irvine: A 41,069-square-foot office building sold for $15.7 million at a 5.7 percent cap rate.
• Calabasas Tech Center, Calabasas: A 282,447-square-foot office building sold for $51.5 million at a 6 percent cap rate.
• Conejo Business Center, Thousand Oaks: A 68,119-square-foot office building sold for $10 million at a 5.5 percent cap rate.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.