After it was last placed up for sale in January, a 41,563 square foot office building in Irvine has been sold. According to public records, the property was sold by Pasadena-based Stivers Investment Company for $11.86 million, or about $285 per square foot, after it was previously placed up for sale with a $13.9 million asking price. The buyer in the transaction was Laguna Beach-based investor Thomas J. Giancursio II.
The property is located at 8 Hughes and has been owned by Stivers since 2001. The firm hired the Southern California office of NAI Capital to be the listing agent on the sale of the property, according to The Registry’s previous reporting.
The two-story building was first developed in 2000 and includes 174 parking spaces on a 2.4-acre lot. The property also offers numerous flex spaces, allowing for the current vacancies on the second floor to be occupied by either a single tenant or multiple tenants.
At the time the property was listed, the property was roughly 37 percent occupied by commercial landscape company Brightview. This tenant occupies 15,000 square feet of the property, while 26,000 square feet is vacant.
The property is situated within the Irvine Industrial-East Complex neighborhood and surrounded by various commercial and retail buildings. The site is also closely located to Interstates 5 and 405.
Throughout Orange County, a number of recent deals have shown a growing trend of properties being sold at a loss. In nearby Santa Ana, the 560,000 square foot Griffin Towers were sold to Barker Pacific Group and Kingsbarn Realty for $82 million, or about $146 per square foot. The property, which is located at 5 and 6 Hutton Centre Drive, was last acquired in 2019 by Blackstone for $129 million, or about $230 per square foot.
