17522 Armstrong Ave
Irvine, CA 92614

UNIQUE INDUSTRIAL OWNER-USER/COVERED LAND OPPORTUNITY IN IRVINE BUSINESS DISTRICT WITH IMMEDIATE UPSIDE
* Attractive Industrial Offering | This is a unique investment opportunity in one of the most dominant economic regions in the world. The three-building portfolio, located in Irvine’s business and technology cluster near I-405/SR-55 Freeways, provides strategic access and abundant surrounding amenities, as well as investment security and flexibility.

* Value-Add Options | The current lease with St Johns is ±40% below market and expires in July 2024, offering immediate income while locating a new tenant(s) to backfill the buildings or while repositioning for a Class A redevelopment. Accelerated industrial rent growth in Orange County, working alongside strong demand, would significantly lift future yields.

* Ideal Owner-User Investment | For an owner-user, this offering would be an ideal corporate headquarter investment that provides an attractive lease-saving trade-off. The purchase provides this owner-user investor protection against future rental market uncertainty and rate hikes, as well as after-tax equity accumulation.

* Redevelopment Opportunity | Spanning ±7.43 acres across four contiguous parcels, the Property offers a potential for industrial development opportunity in the Irvine Business District (IBD). The IBC permits a warehouse and distribution uses with a max density of 45%, A new development will allow for 181,910 SF of buildable FAR.

EXCEPTIONAL MARKET FUNDAMENTALS & LOCATION
* Core Market | Orange County is within the top investment region in the Americas in 2023 among investors, reflecting the county’s strong absorption, low vacancy and sustained rent growth. With strong employment and an attractive quality of life, Orange County is a highly sought-after gateway market.

* Tight Market Fundamentals | Orange County has one of the tightest industrial markets in the country, with a vacancy of 1.0% in 3Q23. Investors and tenants entering the Orange County industrial market face an incredible challenge, with limited options and zero new deliveries despite growing demand.

* "Technology Coast" Reputation | The University of California-Irvine’s Metropolitan Futures Initiative observed in 2022 that, since 1980, Irvine has “retained the highest jobs/workers ratio in the Southern California region while also experiencing the fastest job growth in professional service industries throughout the region, particularly in computing and engineering occupations.” This affirms CBRE’s findings that Irvine is among the top technology clusters in the country.
INFILL, URBAN LOCATION WITH HYPERGROWTH AND WORLD-CLASS AMENITIES
* Highly Desirable Location | The asset is at the center of a dynamic and increasingly urbanized business core— the Irvine Business District (IBD)—that is next to some of Southern California’s best beach cities. Well-known as one of the nation’s most desirable places to live and work, Irvine offers a highly educated labor pool and proximity to University of California, Irvine, as well as unparalleled
amenities for corporate tenants and residents.

* Multi-Modal Transportation Access | The surrounding multi-modal transit hub offers ease of commute for the region’s workforce, as well as proximity to executive housing. Located next to I-405, the asset has superb access to SR-55, SR-73 and I-5, as well as John Wayne Airport and Tustin’s Metrolink station.

* Resort-Style Amenities | IBD’s intrinsically irreplaceable location is highlighted by its proximity to world-class beaches, entertainment, shopping, dining, and cultural and outdoor activities. Nearby live-work-play destinations include South Coast Plaza, Park Place, The District at Tustin, Newport Fashion Island, and many more.