CBRE Negotiates $4.5 Million Sale of 9,073-Square-Foot-Office Building in Irvine

CBRE recently arranged the $4.5 million sale of 17631 Fitch, a 9,073-sq.-ft.-office building in Irvine, Calif., to a local law firm. Ross Bourne, Anthony DeLorenzo, Bryan Johnson and Nick Williams of CBRE's Investment Properties represented the seller, an Orange County-based private investor, in the transaction.

"This is an ideal asset in a highly desirable area for the new owner," said Mr. Bourne, senior vice president at CBRE. "This office asset is in one of the safest real estate markets in the County. The single-story nature and location within the Greater Airport Area attracted the buyer to this investment."

The one-story building is located on the northeast corner of Fitch and Cowan. Built in 1980, the property has low-rise features and 38 surface parking spaces. Its proximity to State Route (SR) 55 offers ease of commute for the new owner's workforce. In addition to access to SR-55, the property is minutes from Interstate 405 and Interstate 5, as well as SR-73.

"Over the last decade, growth among low-rise office products has been robust, out-pacing high-rise products in vacancy compression and rent growth," added Mr. DeLorenzo, vice chairman at CBRE. "As of the end of 2022, direct vacancy for low-rise office was 7.8%, well below the rest of the office market, and this trend will continue into the foreseeable future."

According to CBRE Research, in the third quarter of this year, the Greater Airport Area submarket, where the property is located, saw the highest decrease in availability, lowering 108,00 sq. ft. to 11.9 million sq. ft.