The Irvine Community Land Trust and USA Properties have acquired a 70,000-square-foot office building for $26.5 million to convert it into affordable housing. Previously owned by Gemdale USA, the site was slated for an expansive office campus but plans were abandoned due to a declining office market and local opposition. The property, part of a wider redevelopment initiative, is strategically located near other commercial amenities and is earmarked for multifamily housing development to meet local demands.
The buyers will look to develop much-needed affordable multifamily housing on the site, Green said in a statement.
This month, Gemdale sold a three-story, 222,700-square-foot office building in Calabasas to Cross Ocean Partners, based in Connecticut, and the Los Angeles-based Palisade Group, for $69.4 million.
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