Updated Mar 4, 2026
Stuart Miller Of Lennar Acquires Von Karman Creative Campus In Irvine For $230 Million
16775 Von Karman Avenue
$230,000,000
Building Size
—
Asset Type
Office
Closing
Mar 2, 2026
About this deal
AI
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.
On the Map
$230,000,000
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93