3 Corporate Park 3 Corporate Park
Irvine, CA 92606

  • $14,100,000

    Asking Price

  • 4.78%

    Cap Rate

  • 84%

    Occupancy

  • 3.10 Years

    WALT

  • Office

    Property Type

  • 37,158

    Square Feet

Offering Summary

Address

  • 3 Corporate Park
    Irvine, CA 92606

Pricing

  • Asking Price$14,100,000
  • Price PSF$379
  • WALT3.1 Years
  • Cap Rate4.78%
  • In-Place NOI$673,740
  • Rents Below Market6.20%

Details

  • Property TypeOffice
  • Listing StatusOn Market
  • Square Feet37,158
  • Occupancy84%
  • Year Built1986
  • Year Renovated2019
  • Building ClassA
  • Building(s)1
  • Stories2
  • Parking Ratio4.2/1,000
  • Acres0.50
  • APN435-201-05
  • TenancyMultiple

Address

  • 3 Corporate Park
    CA 92606

Pricing

  • Asking Price$14,100,000
  • Price PSF$379
  • WALT3.1 Years
  • Cap Rate4.78%
  • In-Place NOI$673,740
  • Rents Below Market6.20%

Details

  • Property TypeOffice
  • Listing StatusOn Market
  • Square Feet37,158
  • Occupancy84%
  • Year Built1986
  • Year Renovated2019
  • Building ClassA
  • Building(s)1
  • Stories2
  • Parking Ratio4.2/1,000
  • Acres0.50
  • APN435-201-05
  • TenancyMultiple

Description

Newmark, as exclusive advisor, is pleased to present 3 Corporate Park (the Property), an individual property that is part of a greater five-building creative campus known as The Parc, which features onsite amenities including a coffee bar, outdoor tenant lounges, and multiple open-air patios.

The Property is currently 84% leased with 5,794 square feet of vacancy remaining. Additional upside can be achieved by marking rents to market as they rollover. Since March 2020, the Property has experienced a 30% increase in occupancy, demonstrating the resilience of low-rise creative product in this market.

In 2019, the campus underwent a transformational capital plan with major improvements including new lobbies, updated corridors, renovated restrooms, drought-resistant landscaping, LED lighting upgrades, and news roof with solar panels.

Deal Team

Sean Fulp

Sean Fulp

Executive Managing Director

310-407-6596 sean.fulp@nmrk.com

CA RE Lic. #01389064

Mark Schuessler

Mark Schuessler

Managing Director

310-201-2075 mark.schuessler@nmrk.com

CA RE Lic. #02033871