In-N-Out Burgers Inc. Completes Purchase of University Tower

Fast-food chain In-N-Out Burgers Inc. on Thursday completed its $15.2-million purchase of the University Tower office building in Irvine, said officials at Bedford Property Investors Inc., the seller.

In-N-Out, which will be moving its headquarters from Baldwin Hills, operates about 80 restaurants in California and Arizona. The company has been planning for some time to relocate its 60-person corporate staff to the Irvine building, where it has been leasing two full floors.

The sale of the 160,000-square-foot building, which is in the Market Place commercial complex near UC Irvine, was announced in May.

Peter B. Bedford, chairman and chief executive for Bedford at its headquarters in Lafayette, Calif., said a portion of sale proceeds will be used to pay off a $6-million bank loan that was secured by the property.