For $27M, Kelemen Caamaño Investments (KCI) acquired four multi-tenant, low-rise office buildings totaling 105,578 square feet, located at the premier intersection of MacArthur Boulevard and Jamboree Road.
“Centerpointe is situated in an irreplaceable location surrounded by local landmarks and high-end amenities, which is what attracted us to pursue this opportunity,” said Rudy Caamaño, CEO of Kelemen Caamaño Investments.
This purchase satisfied KCI’s 1031 exchange and plans for creative redevelopment are in the early stages.
“The renovations will focus on exterior modifications along with creating an outdoor workspace by giving the open, shared spaces in the office park a collaborative, more up-to-date lifestyle feel,” added Tibor Kelemen, KCI’s President.
The subject buildings are part of an island of development which includes Impac Center, Newport Summit and Newport Gateway. It is surrounded by the city of Newport Beach, UCI-owned land and state-protected green space including the San Joaquin Freshwater Marsh.
At the time of the purchase the total occupancy in the buildings was at 99%. Some of the tenants include: UC Irvine, SGS&B Law, Elite Education to name a few.
These high-image, stabilized office buildings are just four miles from the beach and the renowned Fashion Island shopping center, and two miles from UC Irvine and John Wayne Airport.
Wind Water Realty whom represented KCI with this purchase will also assume the Property Management for the project.
The seller was represented by Brian Garbutt of Lee and Associates, and Robert Griffith of NGKF.
For more information on additional creative office developments in Orange County, visit www.KCIcompany.com.