The sale of 2400 Barranca, a 4.95-acre redevelopment site in Irvine’s Business Complex, was recently arranged by Institutional Property Advisors (IPA), a division of Marcus & Millichap. The property was sold for $26.5 million.
According to IPA executive managing director investments Kevin Green, the site offered numerous development possibilities including townhomes and industrial redevelopment options. After an extensive marketing process that attracted over 30 offers from both commercial and residential developers, the chosen buyer plans to develop much-needed affordable multifamily housing on the site.
Green worked alongside Joseph Grabiec and Gregory Harris from IPA as well as Mark DeGiorgio from Marcus & Millichap to represent seller Gemdale USA in this transaction. They also successfully procured Irvine Community Land Trust in partnership with USA Properties as the buyer.
Located on Barranca Parkway – a major thoroughfare connecting Interstates 405 and 5 along with State Routes 55,73,and261 – this prime location presents endless potential for future development projects.
