Updated Dec 4, 2024
MGR Real Estate Acquires Office Building In Irvine For $53.7M
2020 Main Street
$53,715,000
$198/SF
Building Size
271,106 SF
Asset Type
Office
Closing
May 31, 2024
About this deal
AI
The office property located at 2020 Main Street in Irvine was sold for $53,715,000. Spanning across 271,106 square feet, the sale price per square foot amounted to $198. The transaction took place on May 31, 2024, with MGR Real Estate acquiring the asset from PGIM.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $53,715,000
- Address: 2020 Main Street
- Market: Irvine
- Buyer: MGR Real Estate
- Seller: PGIM
- Buyer's Rep: Michael Rademaker, James Meyer & Tony Hermosillo - MGR Real Estate
Michael Rademaker, James Meyer, and Tony Hermosillo from MGR Real Estate served as the buyer's representatives in this transaction.
Players
Irvine Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93