Properties: Irvine Commerce Center


Capitalization $24,000,000
Status Newly redeveloped property with certificate of completion and certificate of occupancy. Vesting final tract map recorded for 21 commercial condo units.
Description 21 individual for-sale/for-lease office suites and industrial units in a 95,000 sq. ft. business park with Green Building Plus certification by City of Irvine. Improvements include 5 office suites (3,000 to 15,000 sq. ft.) and 16 industrial condo units (4,000 to 80,000 sq. ft.) located on 5.25 acres of land. Parking Ratio: 2.4:1000 (4.0:1000 Office, 2.1:1000 Industrial).
Location Property located at 17352 Von Karman Ave., Irvine, CA 92614, a primary arterial roadway in Irvine, connecting Newport Beach and Tustin (through The District and Tustin Legacy).
Business Plan & Exit Strategies -Build-out tenant improvements and lease-up the existing, newly renovated building to 8% Return on Cost, at below market rents of $0.99 (vs. $1.25 market rents).
-Current offers for condo units at above $200 per sq. ft. Sell industrial condos for sale at break-even after-tax cash flows at $195-$250 PSF to yield $5.7MM to $9.1MM Gross Profit (50-70%).
-Develop 270 high-density multi-family apartments or condos.
*With only 7,000 residential units in a submarket with an employment base of 111,000 jobs (15.8 jobs per household), the future housing demand in the IBC is extremely robust.
Parking Ratio Overall 2.4 per 1,000 sq. ft.
Office 4.0 per 1,000 sq. ft.
Industrial 2.1 per 1,000 sq. ft.
Tenant Improvements “Model Units” with tenant improvements in place for two office units (#103, #105) and one industrial single-story industrial unit (#109). Remaining units are modular and can be combined to create various size combinations.

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