Irvine, CA (01/09/2017)
Newmark Grubb Knight Frank (NGKF) has announced the $36 million sale of a three-building office campus located at 26600, 26650, and 26700 in Aliso Viejo, CA. The site has been the corporate headquarters for QLogic, a wholly-owned subsidiary of Cavium, Inc. (NASDAQ: CAVM), a global leader and technology innovator in high performance server and storage networking connectivity products.
NGKF Managing Director Byron Foss and Senior Managing Director Greg Tippin represented the seller Cavium, Inc. in the sale. The buyer, Stillwater Investment Group, in a joint venture partnership with CrossHarbor Capital Partners, represented itself.
"Stillwater's acquisition of the former QLogic campus in Aliso Viejo highlights the continual demand for institutional quality assets in Orange County. The interest level across all buyer profiles exceeded expectations but reflects the fact that right now there is extremely low vacancy for large campus-style office in Orange County and south Orange County specifically. The options for large users throughout Orange County are limited. That's why this campus offers a unique opportunity, which the market recognized," Foss said.
NGKF also handled Cavium's lease for a four-story100,000-square-foot building at Irvine Company's campus at Sand Canyon Business Center in Irvine Spectrum. Cavium had acquired Aliso Viejo-based QLogic in August 2016 and plans to move into its new location in the summer of 2017.
The three-building Aliso Viejo campus was built in 2000 and encompasses 161,000 square feet of space. The buyer plans to improve the project and market it to large users in search of a campus environment.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.