Alexandria Real Estate Equities sold a multi-tenant industrial flex research-and-development facility in Irvine for $11 million.
The new owner, Orange County-based biomanufacturing company MP Biomedicals, plans to occupy a portion of the building and lease the remaining space to other life-science and biomedical tenants.
Totaling 30,000 square feet, the two-story office and lab facility at 6 Thomas in Irvine, within Orange County’s Irvine Spectrum industrial submarket, was delivered vacant at the time of sale.
NAI Capital Commercial Executive Vice President Steve Liu and Senior Associate Andrew Batcheller represented the buyer on the deal. CBRE Group Inc. represented Alexandria Real Estate.
Batcheller said MP Biomedicals was pleased with the acquisition.
“Irvine Spectrum is one of the most attractive business-friendly cities in the heart of the Orange County,” Batcheller said. “R&D-flex buildings in this size range for sale are in short supply.”
The facility sits on 1.5 acres close to the Irvine Spectrum Entertainment Center, U. S. Food & Drug Administration Regional Laboratory and the University of California, Irvine.
“For the buyer, this was an attractive long-term investment in a prime biomedical hub in the city of Irvine,” Liu said. “The strength of the industrial market combined with the property’s location made this unique asset very desirable.”
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