COMMERCIAL REAL ESTATE
Compiled by Ted Johnson, Times correspondent
Law School Expansion: Just over a month ago, auctioneers Sheldon Good & Co. announced that an Irvine Spectrum site would go on the block, the first property in the office park to be sold off.
That raised immediate speculation about who might be the successful bidder.
The 6.6-acre site had once been pegged for an office development but, through a foreclosure, eventually ended up in the hands of First Fidelity Thrift & Loan Assn. in San Diego.
The suspense ended when the auction was held late last month. The new owner is Western State University College of Law, which paid $2.8 million, or just under $10 a square foot. The school already has a campus at an adjacent site.
