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Irvine Redevelopment Site Will Yield Affordable Multifamily
Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale of 2400 Barranca, a 4.95-acre redevelopment site located in the Irvine Business Complex in Irvine. The property sold for $26.5 million.
“This site presented a multitude of development opportunities from for-sale townhomes to industrial redevelopment,” said Kevin Green, IPA executive managing director investments. “Inevitably, after a broad marketing process in which we generated over 30 offers from both commercial and residential developers, the selected buyer will look to develop much needed affordable multifamily housing on the site.”
Green, IPA’s Joseph Grabiec and Gregory Harris, and Mark DeGiorgio of Marcus & Millichap represented the seller, Gemdale USA. They also procured the buyer, Irvine Community Land Trust in partnership with USA Properties.
The site is on Barranca Parkway, a primary thoroughfare that runs the length of Irvine and connects to Interstates 405 and 5 and State Routes 55, 73, and 261.
- ◦Sale/Acquisition