One of the larger industrial properties in the Irvine Spectrum, once used by Toshiba Corp. for its local campus, has found its share of leasing success and landed some notable tenants since its revamp under new ownership.
Irvine-based LBA Realty in 2016 paid a reported $65 million for the former Toshiba campus at 9740 and 9750 Irvine Blvd., which at the time totaled about 450,000 square feet of office, manufacturing, warehouse and distribution space
The 26-acre property, near the intersection of Irvine Boulevard and Alton Parkway on the southern edge of the former El Toro Marine base, is next to another notable property, an under-construction distribution facility for Amazon that’s being built on 31 acres. Amazon paid $112.5 million for its site in 2020.
Since the 2016 sale, LBA has upgraded the larger of the buildings at its site, at 9750 Irvine Blvd., which totals about 350,000 square feet, and has turned it into a multi-tenant property.
The smaller, two-story office building at 9740 Irvine Blvd. has been razed, to make way for an industrial development expected to be completed next year.
Tenant Additions
Tenants at the larger facility include Rivian Autmotive Inc. (Nasdaq: RIVN), which recently moved into about 40,000 square feet of space, as well as candle company the Wooden Wick Co., which was previously based in Laguna Beach and now occupies some 43,000 square feet of space for its new Irvine headquarters.
Also taking space at the facility is Toshiba competitor Canon Inc.; Taiwan’s Agit Global, a maker of surfboards, stand-up paddle board and other foam-based water sports products; and e-commerce logistics and fulfillment firm Skylabs Logistics, among others.
The 9750 building is now mostly full, though some space leased to a retail marketing firm is available for sublease, according to brokerage data.
EV Hub Grows
Rivian officials tell the Business Journal that the EV firm is using the facility for “our vehicle engineering and design teams.”
The site is a few doors down from another 70,000-square-foot facility that Rivian recently leased, at 40 Parker.
Rivian’s local operations are now approaching half a million square feet of space in Irvine and Tustin.
Fast-charging EV battery maker Enevate has also planted its flag in the immediate vicinity, recently signing a lease for over 125,000 square feet for a pre-production line and new headquarters at 34 Parker Drive.
Next Up
LBA recapitalized the former Toshiba project and many others in its portfolio at the start of 2021, via a reported $1.5 billion deal with a unit of the Blackstone Group.
The recap deal valued the Irvine site at around $100 million, according to CoStar Group Inc. records.
Next up for LBA: a new, 100,000-square-foot distribution facility at 9740 Irvine Blvd., replacing the older office building that’s been torn down.
No tenants have been disclosed for the development. The building will be complete by the first quarter of next year, according to Louis Tomaselli, senior managing director for brokerage JLL, who helped broker the 2016 sale of the Toshiba Campus to LBA.Â
