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| Main & Redhill Business Center, Irvine, CA |
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| Ryan Gallagher |
NEWPORT BEACH, CA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $44.8 million
sale of Main & Redhill Business
Center, a 15-building, low-rise office campus totaling 203,946 square feet
in the Orange County city of Irvine, California.
HFF marketed the property
on behalf of the seller, a global real estate investment management firm, and
procured the buyer, Olen Properties Corporation.
Main & Redhill
Business Center is situated on 17 acres adjacent to the Interstate 405/State
Route 55 Freeway interchange in Orange County’s airport area submarket.
This location provides
high visibility from the freeways; access to more than 5.5 million square feet
of retail amenities in the surrounding area; close proximity to executive
housing in the residential communities of Newport Beach, Newport Coast, Del
Mar, Irvine and Laguna Beach; as well as easy access to John Wayne
International Airport, one-half mile from the property.
The 97-percent-leased
business park has stable-in place cash flow supported by strong historical
tenancy.
HFF’s investment sales
team representing the seller was led by senior managing director Ryan Gallagher, managing director Mike McCann, director Tim Geiman and associate director Derreck Barker.
“The Main & Redhill
offering presented an excellent opportunity to purchase a critical mass of land
in Orange County’s premier Irvine Business Complex that has tremendous upside
through lease renewals and tenant rollover,” said Gallagher. “The property’s design and layout is easily
modifiable to reposition the space to a unique and progressive creative office
campus environment.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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