Irvine, California, October 4, 2025
News Summary
Avenue Equities has successfully acquired the Cartwright Business Park in Irvine, California, for $42.4 million. The six-building portfolio offers flexible workspaces appealing to diverse businesses. This acquisition underscores the investment potential in Irvine’s thriving economic landscape, which was highlighted by another recent large transaction where Menlo Equities sold the Irvine Crossing property for $180 million. The Cartwright Business Park aims to support both office and industrial tenants, marking a significant expansion for Avenue Equities in Southern California.
Irvine, California – Avenue Equities has successfully acquired the Cartwright Business Park in a significant real estate transaction valued at $42.4 million. Founded by Arya Rashtchi, Avenue Equities has expanded its portfolio with this acquisition, which consists of a six-building portfolio of flex properties located in Irvine.
The Cartwright Business Park features versatile workspaces, offering an adaptable environment for various businesses. It is strategized to cater to both office and industrial needs, appealing to a wide range of tenants. The acquisition signifies a robust investment in the growing area of Irvine, known for its thriving economic landscape and proximity to major transportation networks.
This purchase comes on the heels of another noteworthy transaction in the area, as Menlo Equities sold a major data center and warehouse known as Irvine Crossing for $180 million. The Irvine Crossing facility comprises approximately 400,000 square feet, half of which houses a distribution warehouse for Amazon, while the other half is utilized as a data center leased to Cyxtera. This deal closed in June and was noted as the largest industrial property transaction in Orange County for that year.
Menlo Equities originally purchased Irvine Crossing in 2011 for $47 million. At the time of their acquisition, the data center was occupied by Savvis Inc., a company which was later acquired by CenturyLink. CenturyLink’s data center operations were eventually sold off to Medina Capital Advisors and Longview Asset Management in 2017, leading to the establishment of Cyxtera.
Cyxtera operates the facility as LAX3 and provides a total of 115,000 sq ft of raised floor space. The company has also recently announced leasing an entire 9MW Prime Data Centers facility in Santa Clara, California. Additionally, Cyxtera is preparing for a $3.4 billion merger with the Special Purpose Acquisition Company (SPAC) SVAC, which indicates strong growth potential for the organization.
In related news regarding property management, CBRE has taken over management control of the MetLife Building located at 200 Park Ave. CBRE will serve as the property manager, asset manager, and leasing agent for the MetLife Building, effectively ending Tishman Speyer’s nearly 20-year investment in the property. Tishman purchased the MetLife Building in 2005 for $1.7 billion.
The MetLife Building is currently 97% leased and has undergone significant modernization, thanks to Tishman Speyer’s $200 million upgrade. This includes major renovations like the addition of restaurants, a redesigned lobby, and a health and wellness center, enhancing its appeal to modern tenants.
CBRE, which manages $144 billion in commercial assets globally, has plans to focus on sustainability in its future management of the MetLife Building, aligning with the interests of both CBRE and the Irvine Company.
Summary of Recent Transactions
| Transaction | Property | Size | Purchase Price |
|---|---|---|---|
| Avenue Equities Acquisition | Cartwright Business Park | Six buildings | $42.4 million |
| Menlo Equities Sale | Irvine Crossing | 400,000 sq ft | $180 million |
Frequently Asked Questions
What did Avenue Equities acquire?
Avenue Equities has acquired the Cartwright Business Park, consisting of a six-building portfolio of flex properties.
Where is the Cartwright Business Park located?
The Cartwright Business Park is located in Irvine, California.
What was the acquisition cost of the Cartwright Business Park?
The acquisition cost was nearly $42.4 million.
Who sold the Irvine Crossing property?
Menlo Equities sold the Irvine Crossing property for $180 million.
What does the Irvine Crossing facility consist of?
The Irvine Crossing facility comprises around 400,000 square feet leased to two tenants, including Amazon and Cyxtera.
How much did Menlo Equities purchase Irvine Crossing for?
Menlo Equities purchased the Irvine Crossing in 2011 for $47 million.
Deeper Dive: News & Info About This Topic
- CoStar: Avenue Equities Acquires Irvine Business Park
- Wikipedia: Irvine, California
- Data Center Dynamics: Menlo Equities Sells Data Center
- Google Search: Menlo Equities
- OC Register: Golden State Foods Sells Majority Stake
- Google Scholar: Investment Properties Irvine
- Truck Parts and Service: Managing Dealer Aftermarket Businesses
- Encyclopedia Britannica: Private Equity
- DGTL Infra: Cyxtera Data Center Leases
- Google News: Cyxtera
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