Cushman & Wakefield announced that it has negotiated the purchase of a 9,900 square-foot 405 Freeway-fronted office/R&D building located at 8855 Research Drive on behalf of Freedom National Insurance. Cushman & Wakefield’s Blake Garrett represented the buyer, Freedom National Insurance, in the transaction.
“The combination of low interest rates, positive outlook and economic momentum continues to drive owner/user sales in the Orange County market. Limited inventory is a major hurdle for many seeking to purchase buildings of this type. Freedom National Insurance was responsive and the first to strike when the opportunity arose, which made the purchase a success,” said Cushman & Wakefield Associate Director Blake Garrett.
Freedom National Insurance plans to use the property to house its technology research and development division. It purchased the property from Research Property LLC.
According to Cushman & Wakefield’s Research Group, the Irvine Spectrum flex/R&D market has an overall vacancy rate of 5.1%, flat from one year ago. The current vacancy is also lower than the county-wide vacancy rate of 5.2%. The tightening market has pushed average asking rents up 4.0% over the last year.
Research Property LLC was represented by Bob Reiden of Lee & Associates.