Real estate investment company, Irvine Co has acquired an assortment of office buildings— Pacific Arts Plaza, in Costa Mesa, California. The buildings stand in an 827,000 square foot property with four high-end mid-rise and high-rise office buildings.
The company’s recently acquired commercial real estate property also comes with four restaurants, aside from the four office buildings.
According to Irvine Company Office Properties’ president, Doug Holte, the company’s recent transaction is the fourth and final sub-market of Class A office in Orange County, California. Terms of the deal were not disclosed in the company’s released statement.
Holte also added that the recent deal represents Irvine’s expansion within the Orange County Theatre and Arts District (OCTAD), as well as complementing the company’s existing portfolio.
The four office buildings encircle “The California Scenario”, a1.6-acre art sculpture garden, which is designed by the famous international artist, Isamu Noguchi. The whole commercial property has an excellent access to a freeway, on-site and walking distance amenities, well-designed and efficient building structure, and a large parking space.
Other sub-market of Class A office market in Orange County includes Irvine Spectrum, Airport Area, Newport Center, and OCTAD, which offers 10 percent immediate market share.
Tenants within the recently acquired company include Jerry’s Deli, TGI Fridays, and Mastro’s Steakhouse. The office buildings also include addresses 3200 Bristol, 3200 Park Center, 675 Anton Blvd., and 611 Anton Blvd in Costa Mesa, CA.
Irvine intends to improve outdoor workspaces, exterior landscape design, upgrade operating system, common-area customer-floor enhancements, and on-site amenities on the office buildings.