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Economos DeWolf Represents Both Sides In $9.6M Sale Of Irvine Office Building

Property Image
SOLD
$9,626,000

California

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Office5,298 SF
Sold 11/25/2019
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Property Image
SOLD

Economos DeWolf Represents Both Sides In $9.6M Sale Of Irvine Office Building

41 Corporate Park, Irvine, CA, USA

See Similar Deals
Office5,298 SF
Sold 11/25/2019
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$1,816
Total Square Footage:5,298 SF
Transaction Type:Sale

A 29,933 square foot class A office building located at 41 Corporate Park in Irvine was recently sold for $9,626,000. The property is situated in a desirable market for office spaces. The transaction took place on November 25, 2019. Geoff DeWolf and Steve Economos, from Economos DeWolf, acted as the brokers representing both the buyer and the seller. The deal closed in under 30 days, showcasing the buyer's ability to perform due diligence efficiently.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $9,626,000
  • Market: Irvine
  • Address: 41 Corporate Park

This successful transaction highlights the expertise and effectiveness of Geoff DeWolf and Steve Economos from Economos DeWolf as they were able to represent both sides of the deal. Their professional approach ensured that the buyer and seller were able to reach a mutually beneficial agreement in a timely manner.

Players

1 deal$9.6M volume
BROKER

Steve Economos
1 deal$9.6M volume
BROKER

Details

SOLD
IMAGE: Allen Shamooilian, Andrew Shamooilian & Richard Shamooilian @kingsarch DATE: 11/25/2019 ADDRESS: 41 Corporate Park MARKET: Irvine ASSET TYPE: Office PRICE: $9,626,000 CAP: 6.3% BROKERS: Geoff DeWolf, Steve Economos - Economos DeWolf NOTES: A 29,933 class A office building. Economos DeWolf represented both sides of the transaction. Buyer was able to perform due diligence and close escrow in under 30 days.

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

$513,386.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$34,199.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$45,632.15
Annual Debt Service$547,585.81