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Irvine industrial property sells for record price

The largest industrial property transaction of 2011 in Orange County closed at the end of the year with the $47-million sale of Irvine Crossings, a real estate brokerage said.

Palo Alto-based real estate investment company Menlo Equities bought the 420,000-square-foot industrial warehouse and data center on 21.7 acres from a limited liability corporation, brokerage Voit Real Estate Services said.

Irvine Crossings at 17871 Von Karman Ave. and 17836 Gillette Ave. is 100% occupied by tenants Savvis and 3PL Global. Savvis is a cloud computing data center and 3PL is a third-party logistics company providing warehousing and transportation.

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