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Irvine Low-Rise Offices Trade to Tech Firm Owner-User
CBRE negotiated the $40.6-million sale of 5 Peters Canyon Rd., a 157,455-square-foot, low-rise office building in Irvine, to an owner-user. The CBRE Investment Properties team of Anthony DeLorenzo, Sammy Cemo and Bryan Johnson, along with Matt Didier, Jennifer Whittington and David Dowd, represented the seller, a joint venture with Pendulum Property Partners, in the transaction. CBRE’s Eric Pumont represented the buyer, TP-Link Systems Inc.
“This was an incredible opportunity for the buyer, a technology company, to purchase an institutional quality asset they can grow into for years to come,” said DeLorenzo. “Our team worked quickly to produce a very competitive bidding environment from a diverse buyer pool, closing the transaction within 90 days of listing the property for sale.”
Built in 2000, 5 Peters Canyon Rd. sits on 9.55 acres in northeast Irvine. At the time of sale, it was 87.9% leased with a variety of tenants.
- ◦Sale/Acquisition
