Newmark Grubb Knight Frank (NGKF) announced that NGKF Capital Markets has closed the $50 million sale of Centerstone Plaza, a 159,880-square-foot, Class A office and retail complex in Irvine, Calif., on behalf of the seller, Equity Office. The buyer was New York Life Real Estate Investors, a division of New York Life Investments.
In addition, the new ownership has appointed NGKF exclusive leasing agent following its competitive review of third-party leasing providers.
“Our sale and subsequent leasing assignment for Centerstone Plaza points to the appeal of NGKF’s multidisciplinary platform in the marketplace,” said Robert Griffith, a NGKF Capital Markets executive managing director in the Newport Beach, Calif. office and the listing broker in the sale. “With 96 percent occupancy and a number of tenants that have remained here since the day the project opened 25 years ago, this institutional-quality asset generated strong interest from both institutions and private investors.”
One of those long-term tenants is St. Joseph’s Hospital, which has occupied Centerstone IV at 4050 Barranca Parkway since 1988. Several real estate companies are among the long-term tenants, including Tarbell, Realtor, Realty One and First Team Real Estate. In addition, Premier Business Centers has offered executive offices in the complex for more than 15 years.
“Tenants appreciate Centerstone Plaza’s proximity to the surrounding master-planned communities of Woodbridge and Westpark, as well as the property’s convenient access to the San Diego and Santa Ana freeways,” said Greg May, executive vice president and managing director of Orange County operations for NGKF. “This location offers extensive amenities shopping and dining, and is within walking distance of Crossroads, one of Irvine’s premier shopping centers.”
May serves on the leasing team for Centerstone Plaza, working with colleagues John Scruggs, associate director; and Andrew Robben, director. The Newport Beach-based leasing team served as leasing agents for Equity Office as well.
Occupying street frontage from 4000 to 4050 Barranca Parkway, Centerstone Plaza spans a high-profile corner near the center of Irvine. The project comprises four, 2-story office buildings and two free-standing restaurants at the intersection of Culver Drive and Barranca Parkway. The retail buildings are fully leased to a Mimi’s Café and Islands Restaurant, which together total 14,653 square feet.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.