Rexford Acquires Irvine Creative Office Building for $40M
Newmark has arranged the sale of an 83,645-square-foot creative office building on a 6.5-acre, industrial zoned property in Irvine, CA. Rexford Industrial Realty purchased the asset from Griffin Realty Trust for $40 million. The building is currently fully leased to racing apparel company Fox Head, Inc.
“This asset is located in the heart of the Irvine Business Complex with strong tenancy and in-place cash flow offering a unique covered industrial land play for Rexford in the future,” said Newmark’s Paul Jones who represented the seller along with firm’s Kevin Shannon, Bret Hardy, Ken White and Brandon White.
The property on Armstrong Avenue, which serves as Fox Headquarters, offers themed architecture and two floors of creative office space with common areas, natural light and an open lobby. The outdoor space is truly unique, featuring abundant parking, a gathering space with fire pits, a skate park and a BMX track.
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.