Industrial properties throughout SoCal are being snatched up as soon as they hit the market, and the Irvine Spectrum is no exception. A Newport Beach, California–based commercial real estate company has acquired 18 Thomas, a 41,688-square-foot industrial warehouse in Irvine, California’s Irvine Spectrum for $9.8 million or roughly $235 per square foot, according to a release from a representative of Cushman & Wakefield (C&W). SoCal Real Estate reached out to the representative for more information on the buyer and learned that it was Guthrie Development.
The release says the sale of the newly vacant property by a private family trust that was the original builder and owner/user of the property marks the largest industrial sale in the Irvine Spectrum so far this year. Jason Palda and Matt Biggs from C&W’s Irvine office are identified as representing the seller.
The statement also says 18 Thomas was built in 1982 on approximately 2.5 acres and had been fully occupied since its construction. A freestanding property, it features 16,000 square feet of office, 22-foot to 24-foot clear height, 800 amps, a concrete fenced yard, and a 2.5:1 parking ratio with easy access to the I-5 and I-405 freeways and the 133/241 toll roads, according to the release.
Palda is quoted in the statement as saying that the property was very well-designed for its time, “which resulted in multiple offers from users and investors.” He adds that with Irvine Spectrum’s industrial vacancy at 2 percent and Orange County’s at 1.7 percent overall, “the owner felt it was a great time and opportunity to monetize the asset.”
As we recently reported, SoCal industrial properties are in such high demand that an aging office property is being demolished to make way for an industrial build in San Diego.