The property asset involved in this closed transaction is a flex office building located at 8687 Research Drive in Irvine, California. The sale was priced at $8,600,000, which equates to a price per square foot of $389 for the building that encompasses 22,091 square feet on 1.6 acres of land.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $8,600,000
• Address: 8687 Research Drive, Irvine
• Market: Irvine
• Square Footage: 22,091
• Price per Square Foot: $389
• Buyer: Orange County Professional Firefighters’ Association
• Broker: Mark DeGiorgio - Institutional Property Advisors - Marcus & Millichap
• Broker: Taylor Friend - CBRE
• Year Built: 2024 (asking price)
• Previous Purchase Price: $10,600,000 in 2022

Mark DeGiorgio from Institutional Property Advisors, a division of Marcus & Millichap, and Taylor Friend from CBRE represented the sale. The flexibility of the property's zoning, along with its recent renovations and advantageous proximity to Irvine Spectrum and major highways, were significant factors in the transaction.