Irvine, California, October 4, 2025
News Summary
Avenue Equities has acquired the Cartwright Business Park in Irvine, California for approximately $42.4 million. This six-building flex property portfolio reflects the growing demand for adaptable commercial spaces in the local market. The acquisition is indicative of broader trends in real estate, paralleling Menlo Equities’ recent sale of the Irvine Crossing data center and warehouse for $180 million. With high occupancy rates and a focus on innovation, both Avenue Equities and CBRE are poised to capitalize on evolving opportunities in the California commercial real estate landscape.
California – Avenue Equities has made headlines with its recent acquisition of the Cartwright Business Park located in Irvine, California. The company, founded by Arya Rashtchi, acquired this valuable asset for nearly $42.4 million. The Cartwright Business Park comprises a six-building portfolio of flex properties.
The purchase marks a significant investment in the local real estate market, reflecting the ongoing demand for versatile commercial spaces in the region. This acquisition aligns with broader trends in the commercial property sector, where flex properties are increasingly popular due to their adaptability for various uses.
In a related context, Menlo Equities recently sold a notable data center and warehouse known as Irvine Crossing for $180 million. This property, which totals approximately 400,000 square feet, is currently leased to two major tenants: Amazon and Cyxtera. Amazon occupies half of the facility as a distribution warehouse, while the other half serves as a data center leased to Cyxtera. The sale, which took place in June, was the largest industrial property transaction in Orange County for that year.
Menlo Equities originally purchased the Irvine Crossing for only $47 million in 2011, indicating a significant appreciation in value over the years. At the time of the acquisition, the data center was occupied by Savvis Inc., which later became part of CenturyLink after a hefty acquisition. CenturyLink’s data center business eventually transitioned to Medina Capital Advisors and Longview Asset Management in 2017, leading to the establishment of Cyxtera, which refers to its facility as LAX3.
Cyxtera is expanding its footprint in California, recently announcing the leasing of an entire 9MW Prime Data Centers facility located in Santa Clara. Furthermore, the company is planning a significant $3.4 billion merger with the Special Purpose Acquisition Company (SPAC) SVAC, which will further solidify its position in the market.
In addition to these developments, significant management transitions are underway with prominent properties in the area. A recent internal memo indicated a transition of management control of the MetLife Building at 200 Park Ave. to CBRE. As the new property manager, asset manager, and leasing agent, CBRE is set to take over management responsibilities, marking the end of Tishman Speyer’s nearly 20-year involvement with the building. Tishman had acquired the MetLife Building for $1.7 billion in 2005 and has since undertaken a substantial $200 million upgrade.
The MetLife Building currently boasts a leasing rate of 97% and has been modernized to meet contemporary market demands, featuring major restaurants, a redesigned lobby, and a health and wellness center. Under CBRE’s management, there is a clear focus on sustainability and further enhancements in property management.
As both Avenue Equities and CBRE move forward with their respective strategies, the commercial real estate landscape in California continues to evolve, driven by innovative developments and strategic acquisitions.
FAQ
What did Avenue Equities acquire?
Avenue Equities acquired the Cartwright Business Park, which consists of a six-building portfolio of flex properties.
Where is the Cartwright Business Park located?
The Cartwright Business Park is located in Irvine, California.
How much did Avenue Equities pay for the Cartwright Business Park?
Avenue Equities purchased the Cartwright Business Park for nearly $42.4 million.
What is Irvine Crossing?
Irvine Crossing is a data center and warehouse sold by Menlo Equities for $180 million, comprising around 400,000 square feet leased to two tenants.
Who are the current tenants of Irvine Crossing?
Half of Irvine Crossing is used as a distribution warehouse by Amazon, while the other half serves as a data center leased to Cyxtera.
What major deal did Cyxtera recently announce?
Cyxtera announced a $3.4 billion merger with the Special Purpose Acquisition Company (SPAC) SVAC.
| Key Features | Details |
|---|---|
| Avenue Equities Acquisition | Cartwright Business Park |
| Location | Irvine, California |
| Acquisition Cost | $42.4 million |
| Property Type | Six-building flex properties |
| Notable Recent Sale | Irvine Crossing sold by Menlo Equities |
| Sale Price of Irvine Crossing | $180 million |
| Tenants of Irvine Crossing | Amazon and Cyxtera |
| Cyxtera Merger | $3.4 billion with SPAC SVAC |
Deeper Dive: News & Info About This Topic
- CoStar: Avenue Equities Buys Irvine California Business Park
- Wikipedia: Commercial Real Estate
- Data Center Dynamics: Menlo Equities Sells Cyxtera Data Center
- Google Search: Cyxtera
- OC Register: Golden State Foods Sells Majority Stake
- Encyclopedia Britannica: Data Center
- The Real Deal: Rose Equities Moves Forward on Apartment Complex
- Google News: Real Estate California
- OC Business Journal: Irvine Amazon Facility Trades
- Google Scholar: Commercial Real Estate
Author: STAFF HERE HOLLYWOOD
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