CBRE Global Investors has purchased a mixed-use logistics asset in Orange County, California.
The 395,673-square-foot asset, known as Irvine Crossing, is a fully leased property that is comprised of a powered shell data center and a last-mile distribution facility.
Located at 17836 Gillette Avenue in Irvine, Calif., the data center comprises 193,173 square feet with 10 MW of critical power and is leased as a powered shell to one of the largest data center operators in the world.
The 202,500-square-foot logistics warehouse is situated at 17871 Von Karman Avenue and serves as a last-mile facility for a large e-commerce company.
“We believe that Irvine Crossing is an incredibly unique asset in that it functions as a space for two critical industries – e-commerce and data centers,” said Larissa Belova, Senior Director and Deputy Portfolio Manager for CBRE Global Investors.
“The Southern California data center market has seen tremendous growth recently and Irvine Crossing is one of the few Tier-3 certified data centers located in the greater Southern California market. As a last-mile facility, the asset also benefits from its location in Orange County, which is the sixth most populous county in the United States, with 585,000 people living within a five-mile radius of the property,” she added.
Irvine Crossing is situated within the Irvine Business Center submarket of Orange County. The property is strategically located near the I-405/SR-55 interchange, which provides access to more than half a million consumers and the affluent beach communities of Newport Beach, Corona del Mar and Laguna Beach.