A $24 million deal is adding to a number of recent sales transactions in Irvine. In the deal, EBS Realty, in partnership with Penwood Real Estate, acquired a 186,000-square-foot industrial property for $24 million, public records show. The property was sold by an entity affiliated with Gensia Sicor Pharmaceuticals, a subsidiary of Teva Pharmaceuticals, which occupied the space.
The property is located at 19 Hughes Ave. on more than six acres in the Irvine Industrial Complex East. The surrounding area contains a number of laboratories, distribution centers and manufacturing facilities from companies like Albertsons, FedEx, Eaton Aerospace, Applied Medical and more.
According to industry reports, Teva Pharmaceuticals had been at the space since 2007 before recently closing due to contaminations discovered by the U.S. Food and Drug Administration. The Tel-Aviv-based company was founded in 1901 and maintains a current portfolio of approximately 3,600 products serving 200 million people across the globe.
EBS Realty Partners is a real estate investment, development and management firm with a focus on industrial and commercial properties in California, Nevada and Arizona. The company was founded in 2003 and its current projects include more than 4.5 million square feet of commercial property.
Its partner in the acquisition, Penwood, is a real estate investment advisory firm based in Harford, CT. The firm focuses on value-add investment opportunities in gateway markets of Southern California and New York/New Jersey.
In November 2022, EBS and Penwood partnered up for another deal. At that time, the partnership sold a 120,651-square-foot industrial building, referred to as the Grove Commerce Center, to Denver-based EverWest Real Estate Partners. The property is located at 1925 S. Grove Ave. and sold for $55 million, according to previous reporting from The Registry.