An industrial building in Irvine has changed hands for $9.5 million, or $380 per square foot, it was announced today.
The off-market transaction was brokered by Marcus & Millichap, with a 30-day escrow. The undisclosed buyer paid cash for the 25,000-square-foot building, as part of a 1031 exchange.
The single-level warehouse, built in 1978, is located at 1842 Barranca Pkwy., sits on 1.3 acres, and features more than 9,000 square feet of office space, per CoStar data.
Warren Loth, Tyler Gebauer and Ian Diaz of Marcus & Millichap brokered the deal.
The seller was also undisclosed.
JLL, in its most recent report on the local warehouse market, was bullish on industrial activity within Orange County.
“Orange County’s unique blend of evolving manufacturing ecosystem and highly skilled workforce will continually attract innovative companies, which should reinforce the long-term economic vitality in Orange County,” JLL Senior Analyst Chi Qi said in his industrial report for the fourth quarter of 2024.