{"id":1004153596,"date":"2016-09-27T02:58:55","date_gmt":"2016-09-27T10:58:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004153596"},"modified":"2020-04-08T01:46:00","modified_gmt":"2020-04-08T09:46:00","slug":"ngkf-closes-16m-socal-office-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ngkf-closes-16m-socal-office-sale\/","title":{"rendered":"NGKF Closes $16M SoCal Office Sale"},"content":{"rendered":"<p>by Evelina Croitoru<\/p>\n<div id=\"attachment_1004153598\" style=\"width: 339px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/07_jbc.jpg.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004153598\" data-attachment-id=\"1004153598\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ngkf-closes-16m-socal-office-sale\/07_jbc-jpg\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/07_jbc.jpg.jpg\" data-orig-size=\"600,400\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"07_jbc.jpg\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/07_jbc.jpg.jpg?w=600\" class=\"  wp-image-1004153598\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/07_jbc.jpg.jpg\" alt=\"2860 Michelle Drive Irvine, Calif.\" width=\"329\" height=\"219\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/07_jbc.jpg.jpg 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/07_jbc.jpg.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 329px) 100vw, 329px\" \/><\/a><p id=\"caption-attachment-1004153598\" class=\"wp-caption-text\">2860 Michelle Drive Irvine, Calif.<\/p><\/div>\n<p><strong>Los Angeles<\/strong>\u2014<a href=\"https:\/\/www.ngkf.com\/\" target=\"_blank\" rel=\"nofollow\">NGKF<\/a> \u00a0has announced the $15.7 million sale of the Jamboree Business Center in Irvine, Calif. The 41,069-square-foot, multi-tenant creative <a href=\"https:\/\/www.commercialsearch.com\/news\/office\/\" target=\"_blank\">office building<\/a> was 100 percent leased at the time of sale by nine tenants.<\/p>\n<p>The three-story building located at 2860 Michelle Drive was built in 2004 and underwent a $4 million renovation in 2015. The property features multiple indoor and outdoor community spaces, as well as recently redesigned first- and second-floor lobbies. The property is well-located near the I-5\u00a0and 261 Toll Road, offering access to an adjacent L.A. Fitness.<\/p>\n<p>Robert Griffith and Scott Read from NGKF Capital Markets co-listed the property alongside Windwater Realty, on behalf of seller Roosevelt Capital LLC. The property closed at a six\u00a0percent cap rate and was acquired by an undisclosed private investor.<\/p>\n<p>&#8220;Jamboree Business Center is a prime, state-of-the-art creative <a href=\"https:\/\/www.commercialsearch.com\/news\/office\/\" target=\"_blank\">office <\/a>building that offered the buyer a stabilized investment in a highly desirable Irvine location,&#8221; said Griffith in a statement. &#8220;The buyer plans to hold for the long term.&#8221;<\/p>\n<p><em>Image courtesy of <a href=\"https:\/\/www.irvinecompanyoffice.com\" target=\"_blank\" rel=\"nofollow\">Irvine Company Office Properties<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The renovated office building in suburban Los Angeles was acquired by a private investor.<\/p>\n","protected":false},"author":1055,"featured_media":1004153598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1594,21742,21747,15],"tags":[],"class_list":["post-1004153596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-los-angeles","category-latest","category-office","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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