Irvine Reversal site will give an affordable multi -family – Connect Cre

Institutional Property Advisers (IPA), a division of Marcus & Millichap, organizes the sale of 2400 Barranca, a 4.95 acres reconstruction site located in the Irvine Business Complex in Ervine. The property was sold for $ 26.5 million.

“This site has presented many development opportunities from Townhomes for sale to industrial reconstruction,” says Kevin Green, managing director of IPA CEO Investments. “Inevitably, after a wide marketing process, in which we have generated over 30 offers from both commercial and residential developers, the chosen buyer will seem to develop a lot of accessible multi -family homes on the site.”

Green, Joseph Grabuke of IPA and Gregory Harris and Mark Degorjio of Marcus & Millichap are the seller, Gemdale USA. They also purchased the buyer, Irvine Community Land Trust in partnership with the USA Properties.

The site is by Barranca Parkway, the main thoroughfare that manages the Ervine length and connects to Interstates 405 and 5 and state routes 55, 73 and 261.