The Jamboree Business Center in Irvine, California, was sold for $15.7 million. The property, a 41,069-square-foot multi-tenant creative office building located at 2860 Michelle Drive, was fully leased at the time of sale by nine tenants. Built in 2004, the building underwent a $4 million renovation in 2015. It offers various indoor and outdoor community spaces and features recently redesigned lobbies on the first and second floors. The property's location near the I-5 and 261 Toll Road provides convenient access to an adjacent L.A. Fitness.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $15,700,000.00
• Market: Irvine
• Seller's Representative: Robert Griffith (Newmark), Scott Read (Newmark)
• Buyer: Private Investor
• Seller: Roosevelt Capital LLC
• Square Footage: 41,069

Robert Griffith and Scott Read from NGKF Capital Markets, along with Windwater Realty, represented seller Roosevelt Capital LLC in the transaction. The property was acquired by an undisclosed private investor at a six percent cap rate. The buyer intends to hold the Jamboree Business Center for the long term, recognizing it as a prime, state-of-the-art creative office building in a highly desirable Irvine location.