Avison Young completes sale of 44,800-square-foot industrial property in Irvine, CA

17392 Daimler Street, Irvine, CA

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.

Alan Pekarcik

“In 2013, industrial sales activity remained fairly stable year-over-year, with 2.4 million square feet (msf) registered in the fourth quarter alone for a 2013 total of 7.23 msf, compared with 7.32 msf in 2012,” observes Vittone.

“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