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California  + Orange County  + Apartments  | 

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.

Read More News Stories About: Marcus & Millichap
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition