Irvine’s Centerpointe Trades for $27M
Kelemen Caamaño Investments (KCI) acquired Centerpointe, a four-building, 105,578-square-foot office property in Irvine, CA from CIP Real Estate for $27 million. The purchase satisfied KCI’s 1031 exchange and the Orange County-based firm plans to execute a creative redevelopment at the campus.
KCI’s Tibor Kelemen says, “The renovations will focus on exterior modifications along with creating an outdoor workspace by giving the open, shared spaces in the office park a collaborative, more up-to-date lifestyle feel.”
The multi-tenant, low-rise assets are part of an island of development at MacArthur Blvd. and Jamboree Rd. that includes Impac Center, Newport Summit and Newport Gateway. Centerpointe is 99%-leased to such tenants as UC Irvine, SGS&B Law, and Elite Education.
Wind Water Realty’s Rob Rader represented the buyer. Lee and Associates’ Brian Garbutt and NGKF’s Robert Griffith represented the seller.
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