COMMERCIAL REAL ESTATE
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CB Richard Ellis directs speedy sale of bank-owned building in Irvine
Office property went into escrow within 30 days of being put on the market.
By Kristen SchottPublished: August 11, 2009 11:48 AM
CB Richard Ellis recently negotiated the sale of a 17,504-square-foot bank-owned office building in Irvine. The property was put into escrow in 30 days and closed 30 days after.
The two-story, free-standing research and development building at 10 Faraday was sold to an individual investor for $2.3 million. It was 50 percent leased at the time of the sale.
This transaction could offer hope to the real estate industry, as it signals that there is demand for local property, according to CB Richard Ellis' Keith Black, who co-represented the property's owner, Faraday Investments LLC, with Justin Hill.
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The two-story, free-standing research and development building at 10 Faraday was sold to an individual investor for $2.3 million. It was 50 percent leased at the time of the sale. This transaction could offer hope to the real estate industry, as it signals that there is demand for local property, according to CB Richard Ellis' Keith Black, who co-represented the property's owner, Faraday Investments LLC, with Justin Hill. NEXT PAGE >> Related headlines 'OC METRO Minute,' Aug. 11: Maguire Properties set to give back 6 O.C. buildings to lenders Apartment sales down in Southern California; up in O.C. Maguire Properties not considering bankruptcy |
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