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PS Business Parks Divests Irvine’s Corporate Pointe
Glendale, CA-based PS Business Parks, Inc. completed the sale of Corporate Pointe Business Park in Irvine, CA to Kelemen Caamano Investments. Net proceeds from the sale, after transaction costs, were approximately $41.7 million.
The park consists of five multi-tenant office buildings comprising roughly 160,000 square feet, which were 97.6% occupied at the date of sale. Located at 1 Corporate Park, the Irvine Business Complex property is near a host of retail establishments and restaurants, as well as John Wayne Airport, Jamboree Road, the 55, I-5 and the 405 freeways.
NKF Capital Markets Kevin Shannon, Paul Jones, Brunson Howard, Ken White, Rick Stumm and Blake Bokosky represented the seller. The buyer was self-represented.
PS Business Parks had 705,000 square feet of office product in Orange County held for sale, including Corporate Pointe Business Park.
For comments, questions or concerns, please contact Dennis Kaiser
This story has been updated on March 9 with buyer and brokers.
- ◦Sale/Acquisition


