Irvine Industrial Building Sells for $17M in 1031

Orange County lighting manufacturer Ledra Brands has acquired a 55,285-square-foot Irvine, CA, industrial building for $16.6 million, fulfilling a 1031 exchange requirement from the recent sale of its former operational location in Tustin, CA.

CBRE’s Ross Fippinger and Ross Bourne of CBRE represented the buyer in the transaction. Gregg Haly and Dave Desper, also with CBRE, represented the seller, University Medical.

Located at 88 Maxwell on a 3.68-acre lot, the single-story, freestanding structure includes 14,684 square feet of office space, four dock-high loading doors, 30’ clear height and 125 parking spaces.

According to CBRE’s Fippinger, “Both escrows closed within a month of each other, and we were able to assist with our client’s 1031-exchange requirement.”

Bourne added, “Ledra really liked the popular Irvine Spectrum submarket, and we were able to find the perfect asset in an area that met all of our client’s needs.”

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