By Staff Report
KBS has sold Von Karman Tech Center, a 101,161-square-foot multi-tenant office building at 16842 Von Karman Avenue in Irvine, for $25.4 million to Dayani Partners.
The property was sold by KBS Growth & Income REIT in an off-market transaction brokered by CBRE.
The tech center was developed in 1980 and fully renovated in 2013-2014. KBS acquired the two-story building in 2015 and recently invested in a multimillion-dollar renovation, according to CBRE.
Following the renovations, the property’s occupancy rose to nearly 90%, with new leases, renewals and expansions signed year-to-date at more than 17,810 square feet. CBRE said the majority of space is leased through 2023 and beyond.
Von Karman Tech Center sits on 4.61 acres near a growing collection of new residential and commercial developments, including more than 6,800 residential units under planning and construction.
Anthony DeLorenzo and Gary Stache of CBRE represented KBS in the sale. The buyer was self-represented.
Bruce Fischer, Christine Fan, and Amanda Kennedy of global law firm Greenberg Traurig, LLP’s Orange County office represented KBS as legal counsel on the sale.
Buchanan Street buys in Bay Area
Newport Beach-based Buchanan Street Partners has acquired a two-building tech park in the Bay Area for $26.2 million.
Newark Tech Park is a 99,716-square-foot, two-building office and life science project at 8000 and 8100 Jarvis Ave. in Newark.
“The distinct advantages of this location – combining proximity to Silicon Valley decision-makers with accessibility to the affordable housing of the East Bay – has fueled a micro-market of tech, life science, and advanced manufacturing users,” said Bob Dougherty, Executive Vice President at Buchanan Street Partners.
The firm said it plans to make significant upgrades so the complex wold appeal to life science and tech users.
Buchanan financed the deal by assuming an in-place commercial mortgage-backed securities loan on 8000 Jarvis and securing a new bank loan on 8100 Jarvis. Peter Thompson of Jones Lang LaSalle assisted with the bank financing.
Grant Lammersen, Steve Golubchik, Tyler Myerdirk, and Edmund Najera of Newmark Knight Frank listed the property on behalf of the seller, New York-based Time Equities.
New home tech
Aliso Viejo-based The New Home Company has unveiled a new home-tech system available in new homes at Nova Rancho Cucamonga and Sterling at Esencia in Rancho Mission Viejo.
The homebuilder’s EVO Home Tech works with Brilliant and Savant, two players in the smart-home industry.
The systems allow homebuyers to centralize and control lighting and utilities, security and entertainment.
Brilliant offers an in-wall touchscreen control system to control smart devices and experiences throughout the home: lighting, doorbells, locks, climate, music, video intercom and more. With Amazon Alexa built-in, Brilliant also offers the option to enable voice control in any room without the need for countertop voice appliances.
Brilliant Controls install in the place of a standard light switch and include a built-in motion sensor and camera with a privacy shutter.
For more information go to nwhm.com and pull down under the “design” tab.