Broadcom Ltd.’s current office campus at University Research Park in Irvine isn’t the only big Irvine Company-owned site in line for a revamp after being vacated by a semiconductor industry company.
Irvine Co. plans to redevelop a 34-acre site in the Silicon Valley city of Sunnyvale that’s long been home to Advanced Micro Devices, a maker of computer processors and other technology with a $9 billion market value.
Newport Beach-based Irvine Co. bought the site last summer for a reported $175 million from Advanced’s former landlord, W.P. Carey in New York, with plans to build a mixed-use project there.
Irvine Co. submitted its plans this month for the Sunnyvale site that call for demolishing existing offices in order to make room for a 1,076-unit housing project.
A portion of the site would hold 136 for-sale homes, according to local news reports, in what would be the first time Irvine Co. has developed for-sale homes outside of Orange County.
It also plans to build 651 midrise apartment units, 289 walk-up rental apartments and a 6.5-acre park, according to a report in The Mercury News.
The landlord plans to upgrade the Irvine office space to be vacated by Broadcom as the chipmaker moves to new digs it’s building near Orange County Great Park in about a year. It plans no housing at the multi-building site in University Research Park.
Another difference from the Broadcom property: Irvine Co. isn’t losing Advanced as a tenant. The Silicon Valley firm plans to move this year to a nearby office development Irvine Co. owns called Santa Clara Square, taking about 220,000 square feet.
Advanced’s existing campus has about 319,000 square feet of office space.
Spectrum Sale
The seven-story Spectrum Tower near the intersection of Lake Forest Drive and the San Diego (5) Freeway in Laguna Hills is up for sale.
The office property totals 113,208 square feet and is 90% leased, according to CBRE Group Inc., whose Anthony DeLorenzo, Bob Smith, Todd Tydlaska and Sean Sullivan have the listing.
An asking price hadn’t been disclosed. The building brings in close to $1.4 million in rents annually, according to marketing materials.
It’s owned by TA Realty, which paid an undisclosed price for it about 10 years ago, according to CoStar Group Inc. records.
All’s Well
Toledo, Ohio-based real estate investment trust Welltower Inc., which invests in senior housing properties and other forms of housing and medical facilities, has added another notable local property to its portfolio.
The company recently closed on the purchase of The Wellington, a senior living community in Laguna Hills that runs close to 240,000 square feet and has 233 independent and assisted living units.
Property records show the 24903 Moulton Parkway complex sold for a little under $70 million, or roughly $300,000 per unit. A Hartford, Conn.-based investment group was the seller, the records show.
David Rothschild, Mary Christian and Allen McMurty of Cushman & Wakefield’s National Senior Housing Investment Advisory represented the seller.
