NEWPORT BEACH, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Gary Allen, senior vice president, Industrial Group, and Robert Griffith, senior vice president, Investment Services, facilitated the sale of a 13-acre industrial property located at 16700 Red Hill Ave. in Irvine. Newport Beach-based Western Realco LLC purchased the property from OE Holdings Inc. for in excess of $19 million.
“This acquisition illustrates our continued efforts to find quality real estate in Southern California,” said Gary Edwards, principal, Western Realco. “Together with the Irvine property, we are working on three speculative development projects. The company will continue to seek strategic, value-add industrial opportunities to take advantage of the strengthening real estate fundamentals in Southern California.”
The 13-acre property is located within the Irvine Business Complex (top left rendering and middle right map) and includes one single-story building offering 183,000 square feet of space. Originally built in 1968 and last refurbished in 2000, it offers abundant corporate office, high tech assembly and warehouse space.
There is an additional 3.5 acres of land available for development on the property, where Western Realco plans to construct two additional industrial buildings for sale or lease.
The company also plans to renovate the existing building and put it up for sale once existing leases expire in 2014.
“The sale of 16700 Red Hill Ave. attracted a number of interested institutional investors, being one of the few large corporate industrial facilities in Irvine that also has expansion and development potential,” said Allen.
Allen and Griffith worked in conjunction with Voit Real Estate Services to represent Western Realco.
Contact: Julia McCartney, Phone: 714.975.2230, julia.mccartney@grubb-ellis.com
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