Los Angeles-based BH Properties paid about $163 per square foot for the 128,266-square-foot complex at 2501 Pullman St. and 1700 E. Carnegie Ave.
The property was about 56% leased at the time of sale; $280 million-valued Iteris (Nasdaq: ITI), which provides high-tech systems and sensors to improve traffic flow and safety, is the largest tenant at the complex, leasing 46,000 square feet at the Carnegie Avenue building.
Orange County Head Start Inc. is also a notable tenant, occupying 15,350 square feet at the Pullman office.
IBC Sale
The offices recently underwent almost $600,000 in upgrades, including the addition of common area patios and infrastructure improvements.
“The Freeway Corporate Park provides us with a unique opportunity to secure an updated office complex in a highly visible part of Orange County,” said Andrew Van Tuyle, senior managing director of investments at BH Properties.
“With shrinking Class B supply, there is an opportunity for us to maximize rents and stabilize the asset.”
BH Properties was represented by Bob Caudill from Colliers; TA Realty was repped by Newmark’s Kevin Shannon, Paul Jones, Brunson Howard and Brandon White.
“Freeway Corporate Park offered a rare post-COVID-19, value-add opportunity in the Irvine Business Complex at a very attractive basis,” Jones said. “BH Properties will capitalize on the re-energized leasing activity in the Orange County marketplace for low-rise office product.”
The complex was built in the 1980s and is south of the (55) Freeway, about a mile from the Tustin Legacy development.
