Alere Property Group, a leading developer and investor of industrial real estate in Southern California, today announced its acquisition of 8710-8750 Research Drive, a 35,475-square-foot, Class A industrial warehouse within the Irvine Spectrum submarket of Irvine, Calif. The divisible building features include a 26-foot clear height, two dock-high loading positions and three ground-level doors, in addition to 12,000 square feet of office space. The property is well-suited for a single or two-tenant occupancy with visible office frontage and ample loading on both sides of the building.
Alere purchased 8710-8750 Research Drive from a private investor. The building was constructed in 2005 and is currently occupied by a manufacturer of technological equipment for industrial machinery. The tenant is expected to continue operations as is.
“The acquisition of 8710-8750 Research Drive is an important addition for the diversification and long-term value of Alere’s portfolio,” said Alan Carmichael, senior vice president of investments, at Alere Property Group. “Alere owns approximately 3.71 million square feet across 50 assets within Orange County. 8710-8750 Research Drive is a premier, flexible light industrial space in an A+ location within the Irvine Spectrum that Alere is confident will perform well for years to come.”
8710-8750 Research Drive lies within the Irvine Spectrum 5 area of the Irvine Spectrum master plan, a 3,600-acre business community that is subject to development and maintenance requirements managed by the Irvine Company and the City of Irvine. Irvine Spectrum 5 is a premium area within the master plan due to its low coverage requirements, providing ample parking and loading. The Irvine Spectrum is a highly coveted location for smaller high-quality industrial space due to its accessibility to executive housing, strong employment and regional logistics transportation routes. The area attracts a wide range of global and local corporations drawn to its desirable lifestyle and work environment.
Located at the convergence of the I-5 and I-405 freeways, the two largest arterial highways passing through Orange County, 8710-8750 Research Drive offers direct access to Southern California’s vast transportation network. The property is approximately one-half mile from the I-405 freeway on/off ramp at Irvine Center Drive and one-half mile from the I-5 on/off ramp via Bake Parkway.
8710-8750 Research Drive is near numerous high-end home developments, including the notable Great Park Neighborhoods and Irvine Ranch, an ideal location for last mile distribution. The location is also proximate to Orange County’s John Wayne Airport, multiple shopping centers, and amenities such as Irvine Spectrum Center, South Coast Plaza and Fashion Island.
“8710-8750 Research Drive is designed to appeal to a wide variety of light industrial tenants, and works well for light manufacturing, ecommerce, technology and pharmaceutical uses, in addition to apparel, showroom or wholesale operators, which currently comprise a majority of the tenant base in the area,” said Doug McGilvray, vice president of capital markets at Alere Property Group. “With overall Orange County industrial vacancies holding steady around 2% in 2021, the competition for assets of this caliber is extremely tight. Alere is pleased to have secured this versatile asset.”
Todd Martens and Trent Walker of Voit Real Estate Services represented the seller and Alere in this transaction.
8710-8750 Research Drive is Alere’s third Orange County acquisition in 2021. The firm recently acquired 1062 McGaw Avenue, a 5.2-acre industrial property fronting the 55 freeway that was formerly owned and occupied by Ricoh USA. Alere is redeveloping the site into a new state-of-the-art 120,000-square-foot industrial facility. Alere also acquired 14422 Astronautics Drive, a Class A 47,000-square-foot warehouse in Huntington Beach.
Alere continues to target core and value-add investment opportunities throughout Southern California, in addition to large-scale ground-up development opportunities ranging from 25,000 to over 1 million square feet.
About Alere Property Group
Founded in 2003, Alere Property Group is one of the largest and most established owners of industrial real estate in Southern California with a robust portfolio of over 30 million square feet of high-quality industrial space valued at approximately $6.3 billion. The Newport Beach-based company is an efficient, vertically integrated operation with capabilities spanning all functions of investment and development. Focused on creating long-term value, Alere builds sleek and modern industrial facilities that exceed expectations in design, functionality and efficiency in locations critical to meeting the complex needs of the world’s most sophisticated e-commerce, distribution and manufacturing corporations. For more information, visit alerellc.com. Follow the company on LinkedIn.