JLL Capital Markets has closed the $235 million sale of Intersect, a four-building, creative office campus in Irvine, CA. JLL also procured the buyer in the transaction, MetLife Investment Management (MIM) & PGGM, plus secured a $118 million acquisition loan through Allianz Real Estate.
Intersect, located on Von Karman and Gillette Avenues, is a 454,000-square-foot campus that recently underwent a $27 million renovation. The property now boasts a myriad of amenities including a 2-acre courtyard, farmer’s market, volleyball court and fire pits. In addition, there’s a modern fitness center, auto spa and brewery that opens onto the courtyard. The property is 85% leased to a diverse tenant roster.
“We continue to see both tenants and investors gravitate towards high-end creative office products like Intersect that offers a dynamic work environment alongside carefully curated amenities focused on employee’s overall health and wellness,” said JLL Capital Markets’ Michael Leggett.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.