CBRE successfully negotiated the sale of 5 Peters Canyon Rd., a 157,455-square-foot office building in Irvine, for $40.6 million to an owner-user. The CBRE Investment Properties team, led by Anthony DeLorenzo and including Sammy Cemo, Bryan Johnson, Matt Didier, Jennifer Whittington and David Dowd represented the seller – a joint venture with Pendulum Property Partners – while Eric Pumont from CBRE represented the buyer TP-Link Systems Inc.
According to DeLorenzo: “This was an excellent opportunity for our technology company buyer to acquire a high-quality asset that they can utilize for their long-term growth plans.” He also added that their team worked efficiently to create strong competition among various buyers and were able to close the deal within just 90 days of listing.
The low-rise office building was constructed in 2000 on a spacious 9.55-acre lot in northeast Irvine. At the time of sale it had an occupancy rate of nearly 88%, with multiple tenants occupying its space.
