Beachbreak Properties LLC has sold Von Karman Industrial Park, a 104,677-square-foot industrial facility at 16902 and 1612 Von Karman Avenue in Irvine, California, to a private investor for $27.45 million, according to a release from a representative of Lee & Associates.
The release says the property was built in 1979 and renovated in 2012 and is currently fully leased.
SVPs Ryan Swanson, Kurt Bruggeman, and Philip Cohen of Lee & Associates’ Capital Markets Group in Irvine represented the seller in the transaction, while the buyer was self-represented, according to the statement.
Swanson is quoted in the release as saying, “When the bidding was opened, we received more than 20 offers and 150 confidentiality agreements that were signed.” He also notes that the price per square foot was $263 with a cap rate of 4.75 percent.
According to a report from a representative of NAI Capital, the industrial vacancy rate for Orange County during Q2 was 2.2 percent, down 40 basis points from the same time a year earlier.