Stuart Miller Of Lennar Acquires Von Karman Creative Campus In Irvine For $230 Million

The 25-acre Von Karman Creative Campus, located at 16775 Von Karman Avenue in Irvine, has been sold for $230 million. This property is currently entitled for redevelopment, allowing for the potential construction of up to 426 housing units.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $230,000,000
• Buyer: Stuart Miller - Lennar
• Seller: Foxfield, LLC; Mohannad S. Malas & Jay Gangwal - IRA Capital
• Previous Transaction Amount: $100,000,000
• Previous Transaction Year: 2023
• Approval for Redevelopment: 2025

This transaction involved key individuals and firms, including buyer representative Stuart Miller from Lennar and seller representatives Mohannad S. Malas and Jay Gangwal from IRA Capital. The site was acquired following its approval for housing redevelopment, enhancing its value since the last sale.