Newmark Capital Markets has completed the $41.7 million sale of Corporate Pointe, 160,499-square-foot multi-building office campus in Irvine, CA.
Newmark Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Senior Managing Directors Paul Jones and Brunson Howard, Executive Managing Director Ken White, Managing Director Rick Stumm and Director Blake Bokosky represented the seller and undisclosed REIT. The buyer, Kelemen Caamano Investments, was self-represented.
Built in 1986, Corporate Pointe’s five, two-story buildings are situated on just under 10 acres and are located at 1, 3, 5, 7 and 9 Corporate Park off Jamboree Road. The property is within the highly sought after Irvine Business Complex and is walking distance to The District Tustin Legacy, a regional shopping center. It is also near the 5, 55, and 405 freeways and 3.5 miles from John Wayne Airport.
Corporate Pointe is 97.6 percent occupied by approximately 35 local and regional tenants.
“Newmark Capital Markets marketed this property as a value-add opportunity to renovate and reposition for creative office space and highlighted the fact that it is one of only a few multi-building low-rise office campuses within the Irvine Business Complex,” said Jones. “The buyer has experience in the IBC with creative repositions and will push rents by adding tenant amenities and enhancing the campus.”
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
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