Los Angeles-based Kilroy Realty Corp. has completed the long-planned sale of a former industrial site on Von Karman Avenue in Irvine where a residential project is slated to go up.
An affiliate of Fairfield Residential Co. in San Diego recently closed on the 9.1-acre site at 17150 Von Karman.
The property, near the intersection of Von Karman and Alton Parkway, previously held an industrial building used by Delphi Connection Systems that was razed in 2011 in anticipation of residential development.
Fairfield has proposed one of the few new developments in the Irvine Business Complex to incorporate for-sale housing. It plans 73 for-sale homes and 361 apartments for the Irvine Gateway project, according to city records.
Other local projects Fairfield has in the works include a location in La Habra. The company has built about 2,800 apartments in the county since the 1980s, according to Fairfield documents.
Kilroy said it received $26 million in proceeds from the sale, which translates to about $2.8 million an acre. The company now has only one property remaining in OC following a flurry of dispositions in the past three years: the 2211 Michelson tower near John Wayne Airport.
The office landlord last year sold a building each in Orange and the Irvine Spectrum for a combined $40.4 million.
Irvine Appreciation
The valuation of an industrial building next to the headquarters of Stüssy Inc. has jumped significantly over the past year, thanks in part to a lease made to the Irvine-based action-sports clothier.
A Rolling Hills-based investor recently paid $7.2 million for 17392 Daimler St., a 44,800-square-foot building near the intersection of MacArthur Boulevard and the Costa Mesa (55) Freeway.
It was valued at less than $4 million about a year ago when an affiliate of Costa Mesa-based Burke Real Estate Group Inc. bought the then-vacant building and undertook a big renovation.
Burke then landed Stüssy to lease about half the building.
The clothing company’s headquarters sit next door in a 34,000-square-foot building at 17426 Daimler.
The latest buyer of the property is affiliated with Chandler’s Sand & Gravel, a construction company in Rolling Hills that plans to occupy the remainder of the vacant space for its own uses, according to Alan Pekarcik, a broker with the Irvine office of Avison Young.
Pekarcik and colleague Dan Vittone represented the seller in the latest deal, along with Sam Olmstead of Voit Real Estate Services. The buyer was represented by Voit’s Doug Killian.
Self-Storage Sales
An affiliate of Ladera Ranch-based Strategic Storage Trust Inc. has bought a trio of self-storage facilities for nearly $25 million as part of a larger portfolio transaction.
A nontraded real estate investment trust run by the Ladera Ranch company, which operates facilities under the SmartStop Self Storage Inc. name, last month closed on the purchase of five storage facilities in California, plus individual properties in Colorado and Washington, for a combined $45.4 million.
The deal is part of a larger $128 million portfolio buy of 26 facilities that Strategic Storage announced last year. The latest closings represent the third and final phase of that acquisition.
Three of the California properties the company bought in the last phase of the acquisition were in OC: a 420-unit facility in La Habra, an 840-unit facility in Santa Ana, and a 610-unit facility in Huntington Beach.
The three in OC total nearly 200,000 square feet and sold for a combined $125 per square foot, or a little more than $13,000 per unit.
