Newmark has announced the sale of Laguna Canyon Plaza, a Class A 51,512-square-foot office building within the Irvine Spectrum, a highly sought-after location in Irvine, CA. The three-story property is 88 percent occupied by multiple tenants including the anchor tenant, International Education Corp.
Newmark Executive Managing Director Paul Jones, Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Brunson Howard, Managing Director Blake Bokosky, and Senior Associate Brandon White of the Capital Markets team represented the seller, an undisclosed private investor. The buyer, Universal Properties, was self-represented.
Built in 1991 and situated on three acres at 16485 Laguna Canyon Road, the property features modern interior finishes, abundant window lines, freeway frontage and visibility, balconies and subterranean parking with elevator access to all floors. Laguna Canyon Plaza is located less than two miles from the Irvine Spectrum Retail Center which offers more than 180 stores, 14 restaurants and a movie theater.
“Laguna Canyon Plaza was a rare value-add opportunity with significantly below market rents in the heart of the Irvine Spectrum and received strong buyer interest,” said Jones. “Very few office opportunities arise in the Irvine Spectrum due to the majority of the product being owned by the Irvine Company.”
This is the 12th office asset the Capital Markets team has completed this year in Orange County with total value in excess of $810 million.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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