7 Corporate Park

7 Corporate Park 7 Corporate Park
Irvine, CA 92606

  • $16,150,000

    Asking Price

  • 5.94%

    Cap Rate

  • 96%

    Occupancy

  • 6.10 Years

    WALT

  • Office

    Property Type

  • 37,177

    Square Feet

Sale Summary

Address

  • 7 Corporate Park
    Irvine, CA 92606

Sale Details

  • Sale Price$15,560,154
  • Sale Price PSF$419
  • Closing Date2/17/2022

Sale Description

7 Corporate Park 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 was 96% leased with only 10% rollover between 2021–2023, along with a weighted average lease term of 6.1 years. Previous ownership had successfully pushed market rents to $3.05 FSG and in-place rents are 4% below market. Further increase to the NOI could be achieved through the lease up of the one remaining vacant suite (1,395 square feet).

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.

Address

  • 7 Corporate Park
    CA 92606

Sale Details

  • Sale Price$15,560,154
  • Sale Price PSF$419
  • Closing Date2/17/2022