IRVINE, CALIF. – July 7, 2021 – A fund sponsored by CBRE Global Investors has acquired a 395,673-square-foot mixed-use logistics asset in Orange County, Calif. The 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.”
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.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $124.5 billion in assets under management* as of March 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.