IRVINE COMMERCE CENTER
CLASS-A MULTI-TENANT BUSINESS PARK, IRVINE, CA
|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.|