Feb 24

Feb 24 Sold: 7 Corporate Park in Irvine

The Kelemen Company sells 7 Corporate Park for $15,560,000 as a leased investment to a private buyer.

Acquired as a 5-building portfolio back in 2018, the company completed significant renovations to the property over the past three years. Some of the upgrades included new outdoor common areas, landscaping, stucco exteriors, a new roof with solar panels, lobby and restroom renovations, and further tenant improvements throughout the building. The company also brought into the project Coffee Dose, one of the hippest coffee shops in Southern California. They operate out of a custom-made container adjacent to the building and offer additional amenities to the entire park. The upgrades helped transform the 80’s vintage property into a highly sought-after lifestyle and creative workspace. As a result of the enhancements, the company could strike leases at above-market rents for longer terms despite the low leasing volume seen through the pandemic.

The building had a 96% occupancy at the time of the sale, with 6.1 years weighted average lease term remaining.

7 Corporate Park is located in the five-building creative campus known as The Parc, at the intersection of Jamboree Road and Barranca Parkway, near The District.

The sale was handled by Newmark’s Institutional Investment team led by Kevin Shannon, Paul Jones, Brandon White, and Liam Ogburn, their Private Capital Team Sean Fulp, Ryan Plummer, and Mark Schuessler. They represented The Kelemen Company in the transaction. Fouy Ly and Oliver Ternate of Kidder Matthews represented the buyer.

The Kelemen Company is one of the most innovative Orange County-based developers, known for its state-of-the-art creative office and mixed-use facilities. The company’s principal, Tibor Kelemen, has a track record spanning over $2.5 billion in transactions to date. The firm targets competitive risk-adjusted returns in the marketplace through opportunistic acquisitions, strategic redevelopment, and ground-up development of office, industrial and mixed-use properties. For more information, please feel free to contact us at 949.668.1110.