Irvine Co. Thinks Small With Spectrum Purchase
Irvine Company has bought a low-rise office campus in the shadow of Broadcom Ltd.'s new office campus in the Irvine Spectrum.
The Newport Beach-based real estate owner and developer recently closed on the purchase of Alton Plaza, a 19-building property whose one- and two-story offices total about 216,000 square feet.
Alton Plaza is near the intersection of Alton Parkway and Mauchly, a few blocks east of the Santa Ana (I-5) Freeway and about half a mile from Irvine's train station. The campus backs up to the future campus of chipmaker Broadcom that's being built at the edge of Great Park Neighborhoods. The Broadcom project is the largest office development in Orange County in over a decade.
Irvine Co. paid about $58 million for Alton Plaza, or a little more than $268 per square foot, according to property records.
It was sold by Los Angeles-based AEW Capital Management LP, property records show.
It's Irvine Co.'s first reported purchase of an existing Orange County office in about five years, when it bought a 186,000-square-foot building near Jamboree Road and the Santa Ana (I-5) Freeway that's now used by aerospace and defense contractor Meggitt PLC.
Privately held Irvine Co., OC's largest commercial real estate owner, has put most of its energies here since then building offices and upgrading existing properties.
Alton Plaza's unique attributes, in particular buildings designed for smaller tenants, justified the acquisition, said Steve Case, executive vice president for Irvine Co.'s office division.
Originally published on April 10, Orange County Business Journal