Irvine-based IRA Capital acquired Element, a 160,000-square-foot corporate campus in Aliso Viejo, CA for $73.5 million. The seller was a JV between CrossHarbor Capital Partners and Waterford Property Company. The property at 26600, 26650 and 26700 Aliso Viejo Parkway, consists of three, two-story buildings and spans more than 12 acres.

Last year, Glaukos Corporation selected Element as its new corporate and R&D headquarters. The ophthalmic medical technology and pharmaceutical company signed a 13-year, NNN lease, and purchased excess land for future development and expansion.

Waterford Property Company’s John Drachman says, “When we originally acquired the former campus headquarters of QLogic in Aliso Viejo, our team put together a business plan to turn the vacant campus into a state-of-the-art creative office project.” He noted they spent millions upgrading all aspects of the project.

NKF’s Kevin Shannon, Paul Jones, Ken White and Brandon White represented the seller, along with JLL’s Byron Foss, Nick Carey and Curtis Ellmore. The buyer acquired the campus through a JV with a Middle East-based capital partner.