Irvine’s LBA Realty continues to add to its portfolio both in and out of OC.
The privately held developer, one of the more opportunistic CRE investors during the last downturn, is making headway on redevelopment plans for a 1.3-million-square-foot Silicon Valley complex it owns along the border of San Jose and Santa Clara, recently submitting an updated development proposal.
New plans call for the addition of a 125,000-square-foot research and development building to join a previously proposed large collection of office and industrial facilities.
Local reports say the company is looking for a large corporate tenant to fill the new spot, which is part of it’s vision for an approximately 59-acre parcel it owns in North San Jose.
Active Dealmaking
LBA, whose best-known area property is the Park Place mixed-use campus in Irvine near John Wayne Airport, hasn’t stopped local dealmaking during the COVID-19 pandemic.
The company played a part in the largest industrial acquisition and office lease transaction in Orange County this year, both occurring in August.
In the first deal, LBA paid $96.6 million, or about $178 per square foot, for the 543,400-square-foot Cypress Distribution Center.
New plans have not been disclosed by LBA for the site, which holds two buildings: one fully-leased and the other 72% leased. The site is next to the former Mitsubishi Motors North America headquarters; Amazon is expected to have a new distribution center built on a portion of that property.
LBA also secured a new office tenant for Park Place; Panasonic Avionics inked a 260,000-square-foot lease for its new headquarters.
The company will be leasing space in multiple buildings at the 2.2 million-square-foot office campus.
