Institutional Property Advisors Closes $26.5 Million Orange County Redevelopment Site Sale
February 07, 2025
IRVINE, Calif., Feb. 7, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 2400 Barranca, a 4.95-acre redevelopment site located in the Irvine Business Complex (IBC) in Irvine, California. The property sold for $26.5 million.
“This site presented a multitude of development opportunities from for-sale townhomes to industrial redevelopment,” said Kevin Green, IPA executive managing director investments. “Inevitably, after a broad marketing process in which we generated over 30 offers from both commercial and residential developers, the selected buyer will look to develop much needed affordable multifamily housing on the site.” Green, IPA’s Joseph Grabiec, Gregory Harris, and Mark DeGiorgio of Marcus & Millichap represented the seller, Gemdale USA and procured the buyer, Irvine Community Land Trust in partnership with USA Properties. “Irvine’s 2045 General Plan includes a new residential housing overlay that will target 15,000 new housing units in the IBC and eliminate the need for a site-specific environmental impact report, zone change, amendment to master plan, and city council vote to stimulate new high-density housing developments in a location that is ripe for multifamily housing,” said Grabiec. “Over the next five years, multifamily vacancy in Irvine is projected to be 3.66% and year-over-year rent growth is expected to be 3.2%.”
The site is on Barranca Parkway, a primary thoroughfare that runs the length of Irvine and connects to Interstates 405 and 5 and State Routes 55, 73, and 261. The location provides accessibility to 27,000 jobs within walking distance, and there are over 2 million jobs in Orange County and Los Angeles County within a 30-minute commute. The District at Tustin Legacy shopping center is directly across the street and South Coast Plaza, Fashion Island, and Irvine Spectrum Center are nearby. Metrolink’s Tustin train station is 2.2 miles from the site and John Wayne Airport is within a short drive.
“This site presented a multitude of development opportunities from for-sale townhomes to industrial redevelopment,” said Kevin Green, IPA executive managing director investments. “Inevitably, after a broad marketing process in which we generated over 30 offers from both commercial and residential developers, the selected buyer will look to develop much needed affordable multifamily housing on the site.” Green, IPA’s Joseph Grabiec, Gregory Harris, and Mark DeGiorgio of Marcus & Millichap represented the seller, Gemdale USA and procured the buyer, Irvine Community Land Trust in partnership with USA Properties. “Irvine’s 2045 General Plan includes a new residential housing overlay that will target 15,000 new housing units in the IBC and eliminate the need for a site-specific environmental impact report, zone change, amendment to master plan, and city council vote to stimulate new high-density housing developments in a location that is ripe for multifamily housing,” said Grabiec. “Over the next five years, multifamily vacancy in Irvine is projected to be 3.66% and year-over-year rent growth is expected to be 3.2%.”
The site is on Barranca Parkway, a primary thoroughfare that runs the length of Irvine and connects to Interstates 405 and 5 and State Routes 55, 73, and 261. The location provides accessibility to 27,000 jobs within walking distance, and there are over 2 million jobs in Orange County and Los Angeles County within a 30-minute commute. The District at Tustin Legacy shopping center is directly across the street and South Coast Plaza, Fashion Island, and Irvine Spectrum Center are nearby. Metrolink’s Tustin train station is 2.2 miles from the site and John Wayne Airport is within a short drive.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.