CBRE recently facilitated the sale of 17101 Armstrong, a two-story low-rise office building in Irvine, for $13 million. The buyer is a municipal owner-user and was represented by CBRE Investment Properties’ Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Carter Haslam. The seller was RGP.
According to DeLorenzo, this transaction was beneficial for both parties involved as it allowed the seller to downsize their real estate footprint while providing the buyer with a strategically located asset within Irvine Business Complex that they can utilize for years to come. He also noted that there is currently strong demand from owner-users looking to expand into quality real estate within Orange County and Southern California.
Built in 1982 on a 2.49-acre corner lot at Armstrong Avenue and Kettering Street, the property offers easy access to Interstate 405 and State Route 55. It spans over an area of approximately 57,301 square feet with ample parking space consisting of167 stalls surrounding it.
