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Two Irvine office properties with industrial redevelopment potential have sold in Orange County.
Bridge Industrial paid C. Frederick Taylor’s TGS Management $60M for approximately 165K SF of vacant offices across two buildings at 1 and 3 Banting in the Irvine Spectrum neighborhood, the Orange County Business Journal reported.
TGS Management bought the properties in 2021 for just over $49.6M and submitted plans to convert the sites into industrial uses. Doing so would make it one of the larger conversions in Orange County, The Real Deal noted.
Office-to-industrial projects have taken root over the last couple of years in Orange County, usually among offices that are industrially zoned or in industrial parks.
While the industrial market across Southern California recalibrates, Orange County's industrial market remains tight with just a 2.1% vacancy rate, according to a second-quarter report from CBRE.
