Firm Reps Seller in Disposition of Warehouse for $235/PSF
ORANGE COUNTY, October 4, 2018 – Cushman & Wakefield (NYSE: CWK) announced today the sale of 18 Thomas, a 41,688-square-foot (sf) industrial warehouse in Irvine, California. Located in the heart of the Irvine Spectrum submarket, 18 Thomas was built in 1982 on approximately 2.5 acres and had been fully occupied since its construction.
A Newport Beach -based commercial real estate company acquired the newly-vacant property for $9.8 million (+$235/sf) qualifying it as the largest industrial sale in the Irvine Spectrum this year. Jason Palda and Matt Biggs from Cushman & Wakefield’s Irvine office represented the Seller, a private family trust that was the original builder and owner/user of the property.
“The 36-year-old building was very well-designed for its time, with 24′ clear height and ample parking, which resulted in multiple offers from users and investors,” said Director Jason Palda. “With Irvine Spectrum’s industrial vacancy at 2.0% and 1.7% across Orange County overall, the Owner felt it was a great time and opportunity to monetize the asset.”
The freestanding property features 16,000 sf of office, 22’-24’ clear height, 800 amps, a concrete fenced yard, and a 2.5:1 parking ratio with easy access to the I-5 and I-405 freeways and the 133/241 toll roads.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.