Newmark Grubb Knight Frank (NGKF) has completed the $2.81 million sale of an 11,500-square-foot, industrial property within the Irvine Spectrum in Irvine, CA.
David L. Kluver, managing director with NGKF represented the seller, Hunter Julian Properties which occupied the property prior to the sale. The buyer was Saint Marina Coptic Church who will occupy the entirety building for its administration operations. Saint Marina has space in an adjacent building it will continue to occupy as well.
Located at 3 Wrigley, in the heart of the Irvine Spectrum, the property is one of the smallest free-standing industrial properties in the sub-market, justifying the high price of just over $244 per square foot. The property’s interior and exterior was recently completely refurbished and includes a high ceiling reception area. It is well-located near the 5 and 405 freeways in the heart of the Irvine Spectrum.
“Industrial pricing within the Irvine Spectrum is at historical highs,” said Kluver. “As the product sector continues to be replaced with retail and office uses, smaller buildings like this one will be increasingly difficult to acquire.”
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 12,800 professionals operate from more than 370 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/.