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RGP Sells Office Building In Irvine For $13 Million With Brokers Anthony DeLorenzo And Team

Property Image
SOLD
$13,000,000
Sammy Cemo
Bryan Johnson
Anthony DeLorenzo
+ 1

California

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Office57,301 SF
Sold 08/20/2024
the dealplayerscompscontact
Property Image
SOLD

RGP Sells Office Building In Irvine For $13 Million With Brokers Anthony DeLorenzo And Team

17101 Armstrong Avenue

See Similar Deals
Office57,301 SF
Sold 08/20/2024
Sammy Cemo
Bryan Johnson
Anthony DeLorenzo
+ 1
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$226
Total Square Footage:57,301 SF
Transaction Type:Sale

A 57,301 sq. ft. low-rise office building located at 17101 Armstrong Avenue in Irvine has been sold for $13,000,000. The property encompasses 2.49 acres and fits within a market exhibiting strong demand for office spaces suitable for owner-users, particularly in Orange County.

Summary of transation details:

CBRE facilitated the transaction, which highlights the ongoing trend of municipal buyers acquiring properties suited for their use. The deal illustrates the favorable market conditions for low-rise office spaces, which are experiencing decreased vacancy rates and advantageous rent growth compared to higher-rise counterparts.

Players

Bryan Johnson
CBRE
Bryan Johnson
49 deals$763.9M volume(949) 809-3762
BROKER
Anthony DeLorenzo
CBRE
Anthony DeLorenzo
118 deals$2B volume
BROKER
Sammy Cemo
CBRE
Sammy Cemo
30 deals$478.5M volume
BROKER
Carter Haslam
CBRE
Carter Haslam
1 deal$13M volume(949) 725-8487
BROKER

Details

SOLD
IMAGE: Anthony DeLorenzo, Bryan Johnson, Carter Haslam & Sammy Cemo DATE: 08/20/2024 ADDRESS: 17101 Armstrong Avenue MARKET: Irvine ASSET TYPE: Office ~ ACRES: 2.49 SELLER: RGP BROKERS: Anthony DeLorenzo (@AnthonyDelorenzo), Bryan Johnson (@CallMeBryanJ), Carter Haslam & Sammy Cemo - CBRE (@CBRE) SALE PRICE: $13,000,000 SF: 57,301 ~ PPSF: $227 NOTE: CBRE facilitated the $13 million sale of a 57,301 sq. ft. low-rise building in Irvine to a municipal owner-user. The deal reflects strong demand from owner-users in Orange County, with low-rise office spaces seeing better vacancy rates and rent growth than high-rises.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$693,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$46,186.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$61,626.63
Annual Debt Service$739,519.59