NGKF Capital Markets has completed the $15.7 million sale of Jamboree Business Center, a 41,069-square-foot multi-tenant creative office building in Irvine, CA. The asset was 100 percent leased by nine tenants at the close of escrow.
Robert Griffith and Scott Read of NGKF Capital Markets co-listed the property with Windwater Realty on behalf of the seller, Roosevelt Capital LLC. The buyer was a private investor. The property closed at a 6 percent cap rate.
“Jamboree Business Center is a prime, state-of-the-art creative office building that offered the buyer a stabilized investment in a highly desirable Irvine location,” said Griffith. “The buyer plans to hold for the long term.”
Built in 2004 and renovated in 2015 to provide a creative office environment, Jamboree Business Center is located at 2860 Michelle Drive. It features multiple indoor and outdoor community spaces, and newly redesigned first and second floor lobbies. It is well-located near the 5 freeway and 261 Toll Road and offers an adjacent L.A. Fitness, and is near the Market Place and District retail centers.
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 http://www.bgcpartners.com/.