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Steadfast Properties Rehabs Office Property
By Bob Howard
Last updated: October 28, 2003
www.globest.com
IRVINE, CA-Steadfast Properties has acquired two obsolete, 18,500-sf
office buildings here that the company plans to redevelop into state-of-the-art,
class A office space for sale, according to Gil Marrero of Voit
Commercial Brokerage's local office.
The buildings are located at 18831
and 18851 Bardeen Ave. in the Irvine Business Complex, across
from John Wayne Airport. Newport Beach-based Steadfast bought the
buildings from a private investor for $5.5 million, with Marrero
representing Steadfast and Trent Walker, also of Voit Commercial
Brokerage's local office, representing the seller.
Steadfast typically develops small, class A office buildings from
the ground up, but was looking to acquire property to satisfy a
1031 Exchange requirement, explains Marrero, who is currently marketing
this project, as well as other Steadfast projects for sale. He says
the developer chose the buildings because of their “excellent
location, interesting architectural features and marketability once
renovated."
Even though the office leasing market remains weak, low interest
rates are driving the small-building-for-sale market, with demand
outpacing supply, Marrero reports--a refrain that is heard from
brokers throughout Southern California. He sees the buildings, once
renovated, as well suited for small companies with approximately
20 to 60 employees.
The development company will begin renovating the 25-year old
buildings in November. The scope of the project includes exterior
and interior improvements, replacing the facade and landscaping,
as well as repairing the atriums located in a center courtyard in
each of the two buildings.
According to Marrero, several local companies have already showed
an interest in acquiring the buildings, which are the latest in
a series of developments, acquisitions and dispositions this year
for Steadfast, which acquires, develops and manages real estate
within the continental US, Hawaii and Mexico. The others included
the development of a 25,000-sf office building called Acacia Business
Center at 20377 Acacia in Newport Beach, and the later sale of that
building, plus the development of 54,000 sf of speculative office
space in four buildings called Birch Bayview Plaza in Newport Beach.
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