Irvine, CA –– NAI Capital Commercial is pleased to announce that Executive Vice President Steve Liu and Senior Associate Andrew Batcheller with the Orange County office negotiated the purchase of an industrial R&D-Flex facility totaling 29,660 square feet in Irvine, California. Steve and Andrew represented the buyer, MP Biomedicals, LLC, in the transaction. The seller, Alexandria Real Estate Equities, was represented by CBRE. The sale price totaled $11,000,000 or $371 per square foot.
The R&D-Flex facility is located at 6 Thomas within Orange County’s Irvine Spectrum industrial submarket. Built in 1981, the free standing 2-story multi tenant R&D-Flex facility features glass and steel construction comprised of 50% office and 50% wet lab space with an extensive window line, and 3 per 1,000 square foot surface parking. The property sits on 1.5 acres close to the University of California, Irvine (UCI), Irvine Spectrum Entertainment Center and U. S. Food & Drug Administration Regional Laboratory in Irvine. At the time of the sale the facility was delivered vacant. The new owner plans to occupy a portion of the building and lease out the remaining space to tenants in the life science/biomedical industry.
Steve said, “For the buyer this was an attractive long-term investment in a prime biomedical hub in the City of Irvine. The strength of the industrial market combined with the property’s location made this unique asset very desirable.”
“Irvine Spectrum is one of the most attractive business friendly cities in the heart of the Orange County. R&D-Flex buildings in this size range for sale are in short supply. Our client is extremely pleased with this acquisition,” commented Andrew.
About NAI Capital Commercial
NAI Capital Commercial is the largest agent and employee-owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, a leading global commercial real estate services firm with more than 375 brokerage offices and over 6,000 professionals spanning the globe, NAI Capital Commercial provides a complete range of transaction, valuation, investment, and consulting services. By leveraging our local expertise with our global reach, NAI Capital Commercial offers innovative, customized solutions and seamless service to owners, tenants, investors, and developers throughout Southern California. Our clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital Commercial we work together putting our clients first.