PRP acquired the property in an off-market transaction, resulting in pricing that was 50 bps higher cap rate than market pricing at the time of acquisition.
- Two five-story buildings 100% leased to Broadcom under a long-term lease expiring in August 2037
- Broadcom is one of the world’s largest semiconductor producers
- Ideally located in the Irvine Spectrum Corridor, where I-405 and I-5 converge
- $28.20/SF NNN rent is approximately 10% below market
- Absolute NNN lease with limited Landlord capex exposure
Located in the Five Point Gateway Campus adjacent to City of Hope’s cancer research facility and hospital project; surrounded by over 10,500 dwelling units, 120 retailers, and 40 restaurants in the Great Park Neighborhoods.
