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TP-Link Systems Inc. Purchases Office Building In Irvine From Pendulum Property Partners For $40.58M

Property Image
SOLD
$40,578,300

California

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Office157,455 SF
Sold 09/05/2024
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Property Image
SOLD

TP-Link Systems Inc. Purchases Office Building In Irvine From Pendulum Property Partners For $40.58M

5 Peters Canyon

See Similar Deals
Office157,455 SF
Sold 09/05/2024
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$257
Total Square Footage:157,455 SF
Transaction Type:Sale

5 Peters Canyon Rd is an office property located in Irvine, CA, encompassing 157,455 square feet. It was purchased for $40,578,300, resulting in a price per square foot of $257. The market value reflects a competitive demand for Class A office buildings in the area, ideal for businesses looking to operate in Southern California.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $40,578,300
  • Address: 5 Peters Canyon Rd
  • Market: Irvine
  • Square Footage: 157,455
  • Price per Square Foot: $257
  • Buyer: TP-Link Systems Inc.
  • Seller: Pendulum Property Partners
  • Buyer's Representative: Eric Purmort - CBRE

Eric Purmort of CBRE facilitated this transaction, highlighting the ongoing demand for Class A office spaces. He noted that this purchase aligns with TP-Link's strategy to establish a long-term presence in Irvine as their U.S. Corporate Headquarters, ensuring connectivity for their workforce in the region.

Players

Eric Purmort
CBRE
Eric Purmort
1 deal$40.6M volume(949) 278-4616
BROKER

Details

SOLD
IMAGE: Eric Purmort DATE: 09/05/2024 ADDRESS: 5 Peters Canyon Rd MARKET: Irvine ASSET TYPE: Office BUYER: TP-Link Systems Inc. SELLER: Pendulum Property Partners BUYER'S REP: Eric Purmort (@EricPurmort) - CBRE (@CBRE) SALE PRICE: $40,578,300 SF: 157,455 ~ PPSF: $257 NOTE FROM BROKER: Eric Purmort at CBRE facilitated the $40,578,300 purchase of 5 Peters Canyon Rd, a 157,455-square-foot office building in Irvine, CA. “For Owner-users, demand for Class A office buildings at competitive pricing levels remains high– this location offers excellent connectivity to the surrounding South OC, IBC and Central OC areas, making it ideal for TP-Link to retain and recruit its top-tier and growing workforce,” said Eric Purmort, Senior Vice President at CBRE. “This building is truly one-of-a-kind, and a great investment as TP-Link plants its flag deeper into Irvine, CA as its long-term U.S. Corporate Headquarters.”

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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