Parker Hannifin Sells Irvine Site to KFPLB Michelson

Parker Hannifin Corp. said Friday that it has completed the sale of the 42-acre Irvine site that has been its aerospace headquarters. The price was not disclosed. Industry experts previously had valued the property at $58 million. The world’s largest maker of hydraulic equipment said it sold the prime commercial property off the San Diego Freeway and Jamboree Road to closely held KFPLB Michelson Jamboree LLC.

Eventually, Home Depot Inc., which is quickly expanding its interior-design concept, is expected to erect an Expo Design Center on the site and may develop the rest of the property for other stores or offices. Home Depot would not comment, except to say that it would likely announce its plans soon. Parker Hannifin, based in Cleveland, said it will post a gain of 30 cents a share on the sale, though the gain will be largely offset by restructuring charges.