Private real estate investor Thrifty Oil Co. has closed on a nearly 58,000-square-foot industrial property at one of Irvine’s busiest intersections for $18.6 million.
It’s the first reported local deal in several years for the Santa Fe Springs firm, which paid nearly $321 per square foot for the two-building property at 2801 and 2803 Barranca Parkway.
Irvine-based WindWater Real Estate represented Thrifty in the acquisition, which is a “great, long-term investment that fits Thrifty’s portfolio requirements,” the brokerage said in a statement.
The property sits on approximately 5 acres at the intersection of Jamboree Road and Barranca Parkway, on the other side of Jamboree at The District at Tustin Legacy shopping center.
It was sold by an entity affiliated with Griswold Controls, an HVAC technology manufacturer that has its headquarters in the building.
The seller was represented by Jim Wood and Scott Read from the Newport Beach office of Newmark Knight Frank.
Griswold Controls and its spinoff division, Griswold Water Systems occupy about 93% of the space at the property, according to brokerage records.
The buyer’s plans for the building haven’t been disclosed. Marketing materials from Newmark suggested that possible uses for the site “include industrial/R&D/manufacturing, office, hotel, retail, public storage, car wash, [and] vehicle sales.”
“Thrifty is an extremely qualified buyer with very specific goals,” said Rudy Caamano, CEO of WindWater. “Our team approach allowed our brokers to come together to brainstorm and identify value, and consult our clients on how to capture it.”
Thrifty Oil declined to comment on the recent transaction.
Long Beach Buy
The firm invests in and develops industrial buildings, shopping centers, and office buildings.
It has a portfolio including more than 300 properties and 10 million square feet, including several sites in Orange County.
The bulk of its portfolio is closer to home in Los Angeles and the Inland Empire, with other assets in Northern California.