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| 17392 Daimler Street, Irvine, CA |
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| Dan Vittone |
Los Angeles, CA – Avison
Young, the world’s fastest-growing commercial real estate services firm,
announced today that it has completed the sale of a vacant 44,800-square-foot
(sf) industrial property in Irvine, CA.
Avison Young Principals Dan Vittone and Alan Pekarcik, based in
the company’s Irvine office, along with Sam Olmstead of Voit Real Estate Services, represented the
seller, Pacific Systems, and the buyer, Burke Real Estate Group.
“The property was
previously occupied by Fidelity National Title,” comments Pekarcik. “The buyer
intends to renovate the property and re-market it for lease or for sale.”
Situated on 1.88 acres, the
property is located at 17392 Daimler Street. The asset offers easy access to the 405 and 55 freeways and is near
John Wayne Airport.
The building includes a reception area, three offices,
conference room, two large open areas, five ground-level loading doors and one
dock-high loading door.
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| Alan Pekarcik |
“The slight drop in
activity can be attributed to the lack of supply in some size ranges, and
especially in the 40,000-sf to 60,000-sf range such as the subject property,
which is putting upward pressure on pricing.”
As of the fourth quarter of
2013, the industrial vacancy rate in Irvine is 6.1% – the lowest figure seen
since the first quarter of 2009 – and about 10% less than the vacancy in 2012.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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