Investment Highlights
- The City of Irvine will imminently approve their 2045 General Plan Update which will incentivize the addition of 15,000 new housing units in the immediate area surrounding 2400 Barranca.
- 2400 Barranca's 4.95 acres & 5.1 IBC Multi-Use zoning allows for ~105,000 SF of by-right Class "A" industrial development and doesn't require a City vote as the site is <10 acres of developable land
- The Site is located within the IBC which is both a focus area within the City's 2045 General Plan for adding 15,000 new housing units by 2029 and the location for many of Irvine's jobs
- The Site is surrounded by some of the largest and best shopping centers in the region including The District at Tustin (featuring Whole Foods, AMC Theaters, IN-N-Out directly across the street), South Coast Plaza, Fashion Island, and Irvine Spectrum Center.
- Over 2 million jobs are accessible within a 30-minute commute of 2400 Barranca and more than a third of Fortune 500 companies maintain an office presence in Irvine which result in a diverse economic base.
- Irvine's multifamily market is projected to remain strong with 3.66% submarket vacancy and 3.20% year-over-year rent growth projected over the next 5 years.
- The existing improvements consist of 44,867 SF of two-story office originally built in 1974. Two of the three tenancies will be terminated upon the sale of the Site. Landlord has a lease termination option for the remaining tenant upon initiating redevelopment.