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City Council Acquires Industrial Property In Irvine For $96.5 Million With Jon Winkelried And Lincoln Property Co

Property Image
SOLD
$96,500,000

California

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Industrial110,000 SF
Sold 09/05/2024
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Property Image
SOLD

City Council Acquires Industrial Property In Irvine For $96.5 Million With Jon Winkelried And Lincoln Property Co

17300 Red Hill Avenue

See Similar Deals
Industrial110,000 SF
Sold 09/05/2024
the dealdetailscomps

Summary

CALIFORNIA
Asset Type:Industrial
Price Per Square Foot:$877
Total Square Footage:110,000 SF
Transaction Type:Sale

The property asset involved in the transaction is located at 17300 Red Hill Avenue in Irvine, featuring a total area of 7.3 acres. The buyer is the City Council, and the seller includes Jon Winkelried from TPG Angelo Gordon, along with Clay Duvall and David Binswanger from Lincoln Property Co. The sale price for the 110,000-square-foot industrial property was $96,500,000, resulting in a price per square foot of $877.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $96,500,000
  • Buyer: City Council
  • Seller: Jon Winkelried - TPG Angelo Gordon; Clay Duvall & David Binswanger - Lincoln Property Co.
  • Address: 17300 Red Hill Avenue
  • Market: Irvine
  • Acres: 7.3
  • Square Footage: 110,000
  • Price Per Square Foot: $877

The transaction marks one of the city’s most expensive real estate deals per square foot. The property will be converted into a recreational gymnasium as part of a broader trend to repurpose office parks. The project is anticipated to exceed $100 million in total costs and aims for completion by 2025 or 2026.

Details

SOLD
IMAGE: Jon Winkelried, Clay Duvall & David Binswanger DATE: 09/05/2024 ADDRESS: 17300 Red Hill Avenue MARKET: Irvine ASSET TYPE: Industrial ~ ACRES: 7.3 BUYER: City Council SELLER: Jon Winkelried - TPG Angelo Gordon; Clay Duvall & David Binswanger - Lincoln Property Co. SALE PRICE: $96,500,000 SF: 110,000 ~ PPSF: $877 NOTE: Irvine’s City Council approved a $96.5 million purchase of a 110,000-square-foot property at 17300 Red Hill Avenue to convert it into a recreational gymnasium, marking one of the city’s most expensive real estate deals per square foot. The project, part of a broader trend of repurposing office parks, is expected to exceed $100 million and be completed by 2025 or 2026.

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