MGR Real Estate recently acquired 2020 Main St. in Irvine for $53.7 million, marking their second major office acquisition in Orange County this year. The 12-story, 271,000-square-foot A office building is situated within the master-planned Irvine Concourse development and had a vacancy rate of 66% at the time of purchase. However, MGR has already secured new deals totaling approximately 27,000 square feet since closing.
According to reports, this deal is currently the largest office acquisition in Orange County for the year and showcases MGR’s confidence in the local market. In July of last year, they also purchased Canvas Costa Mesa – a five-building creative office campus spanning over half a million square feet – for $91.5 million.
CEO and founder Michael G Rademaker stated that they will continue to pursue opportunities within Orange County’s thriving office market despite recent media coverage suggesting otherwise due to remote work trends during COVID-19 pandemic.
The property was originally developed by Opus and later sold to PGIM who held ownership until now when it was acquired by MGR with financing from Hankey Capital worth $33 million provided through an acquisition loan arranged by Eastdil Secured’s Justin Shepherd , Adam Edwards ,and Bailey Bland on behalf of PGIM while Rademaker along with James Meyer and Tony Hermosillo represented MGR as brokers during negotiations.
