WindWater recently helped close escrow on 1921 E. Alton, a two-story office building in Santa Ana for $18.5M ($273 per square foot).
Edwards Lifesciences Corp. has bought the mid-sized building next to its headquarters that’s under expansion in Irvine. The property is in the greater airport area near the intersection with Red Hill Avenue.
The Irvine-based medical device company, whose market value is nearly $24 billion and that’s Orange County’s second largest publicly traded company, completed the purchase of a two-story building this month at 1921 E. Alton Parkway.
The nearly 70,000-square-foot office has a Santa Ana address but sits across the street from Edwards’ sprawling Irvine campus on Red Hill between Alton and McGaw Avenue, which is undergoing construction to accommodate the company’s growing operations.
The property sold for $18.5 million, or $273 per square foot, according to the seller, commercial real estate developer and investment firm Kelemen Caamaño Investments in Irvine.
Kelemen Caamaño paid about $14.5 million for it in 2015 when it was about 80% leased, according to property records. It’s now fully occupied. The company, one of the area’s more active creative-office redevelopment firms over the past few years, declined to disclose the buyer’s identity but said in a statement that it’s a current tenant that bought the property as an owner-user opportunity.
CoStar Group Inc. records show Edwards leases about 10,000 square feet in the building.
Edwards said it plans to renovate the building to support its continued growth in research and development in Irvine, and will take over more space once other tenants vacate the property.
The seller, Kelemen Caamaño Investments, acquired 1921 E. Alton in 2015 as a value-add opportunity and at that time, the property had a 20% vacancy. Currently, the building is 100% leased with three tenants.
Built in 2000, the 67,846 square foot office building is a part of the Alton Corporate Center business park, situated in the greater airport area on the corner of Red Hill Ave and Alton Parkway.