A Chicago-based private industrial real estate company has swooped in to acquire a 348,200-square-foot industrial facility in the Irvine Spectrum District submarket for $107 million, one of the highest industrial deals, so far in Orange County this year.
Kurv Industrial, formerly known as Bridge Industrial, purchased the Kurv Irvine II manufacturing property, which sits on 19.5 acres at 9750 Irvine Blvd. between Alton Parkway and Bake Parkway, from LBA Logistics. The price came in at $307.27 per square foot, below the broader market average of $385 per square foot, according to CoStar records.
“We see opportunity across the Orange County market and are focused on creating value through disciplined acquisitions and capital investment,” Kevin Finnegan, market officer, Los Angeles at Kurv Industrial, said in a news release.
“Our goal is to pursue institutional-quality assets within the region that align with our long-term investment strategy.”
Orange County’s Industrial Market
This purchase shows that there is still strong demand for well-located industrial properties in Southern California, even though asking rents have cooled a bit.
Voit Commercial reports that the industrial vacancy rate in Orange County rose 16 basis points, from 5.63% in the fourth quarter of 2025 to 5.79% in the first quarter of 2026.
Over the past year, the rate has increased by 48 basis points from 5.31% in the first quarter of 2025.
According to Voit officials, after two years of market correction, the industrial market is starting to stabilize in the first quarter of 2026.
The Orange County industrial market continues to normalize following several years of historically tight conditions,” wrote Jordan Kemper, senior associate at Voit.
“Manufacturing activity remains bifurcated: certain segments are growing and absorbing vacant space, while others are subleasing excess warehouse capacity back to the market. Aerospace, defense, and third-party parts manufacturers are displaying the highest demand, driven by a surge in government contract volume.”
For example, defense technology company Anduril Industries recently leased 178,000 square feet at the LogistiCenter at 55 in Tustin during the first quarter.
Kurv officials said the newly purchased Kurv Irvine II will continue to attract tenants in the busy, supply-limited Orange County submarket, according to their news release.
The deal is one of the first major transactions following Bridge Industrial’s high-profile rebrand to Kurv Industrial in March and complements its 215,000-square-foot manufacturing facility at 1 Banting in Irvine. Together, Kurv now manages more than 563,000 square feet of industrial space in Irvine.
At the time of the sale, Kurv Irvine II had a 12.6% vacancy rate, slightly higher than the Irvine Spectrum submarket average of 8.5%, according to CoStar.
Kurv Irvine II
Industrial investment giant LBA Realty had acquired the former facility from Toshiba Corp. for $65 million in 2016. The site served as the Tokyo-based company’s Toshiba America Information Systems Inc.’s office campus since the late 1980s.
In 2021, the campus was part of a $1.5 billion 71-industrial-property recapitalization by LBA, which partnered with Blackstone’s BREIT.
The Class B building sits on 19.5 acres and includes 246,500 square feet of industrial space and 100,800 square feet of offices.
Current tenants in the building include Toyota, which leases 73,200 square feet, and G/M Business Interiors, which leases 46,000 square feet.
Other tenants are Agit Global Inc. and TAE Life Sciences, according to CoStar.
According to CoStar, PGIM provided a $67.5 million loan to Kurve Industrial to support the deal.
