Irvine, California, October 4, 2025
News Summary
Avenue Equities has purchased the Cartwright Business Park in Irvine, California, for approximately $42.4 million. This acquisition expands their footprint in Southern California’s commercial real estate market. The Cartwright Business Park is comprised of six flex properties. This news comes as significant transactions occur in Irvine’s real estate market, including Menlo Equities’ sale of a data center for $180 million, underscoring the competitive landscape in commercial properties. Both firms are focusing on sustainability while engaging in significant investments.
California – Avenue Equities has successfully acquired the Cartwright Business Park in Irvine, California, for nearly $42.4 million. The Cartwright Business Park is made up of a six-building portfolio of flex properties, enhancing Avenue Equities’ investment footprint in Southern California’s commercial real estate market.
This acquisition marks a notable addition to Avenue Equities, a company established by Arya Rashtchi, which aims to expand its portfolio through strategic real estate purchases. The complexities of the transaction underline both the growing demand for commercial real estate in California and the heightened competition for prime properties in the region.
This news comes amidst significant real estate movements in Irvine, as Menlo Equities recently sold Irvine Crossing, a large data center and distribution warehouse, for $180 million. The Irvine Crossing property spans approximately 400,000 square feet and is leased to two major tenants, with Amazon utilizing half of the space as a distribution warehouse and Cyxtera operating a data center in the other half.
The sale of Irvine Crossing is noteworthy, as it was recognized as the largest industrial property transaction in Orange County for that year. Menlo Equities acquired Irvine Crossing in 2011 for $47 million, showcasing substantial appreciation in value over a decade. The deal closed in June and gained further attention due to the historical context, as the data center was previously occupied by Savvis Inc., which was acquired by CenturyLink for $2.5 billion in the same year. CenturyLink’s data center business eventually transitioned to Cyxtera, which has plans for a $3.4 billion merger with the Special Purpose Acquisition Company (SPAC) SVAC.
In a broader context, the area comprising the Cartwright Business Park and Irvine Crossing is witnessing a wave of investment and development in commercial properties, signaling a robust industrial sector. Both commercial real estate firms are placing a strong emphasis on sustainability. Furthermore, CBRE has renewed its lease on the MetLife Building in New York City, reaffirming its commitment to modern and sustainable property management strategies, bolstering confidence in the commercial property market.
CBRE will take over as property manager, asset manager, and leasing agent for the MetLife Building, marking the conclusion of Tishman Speyer’s near two-decade investment in the property. The MetLife Building, which is currently 97% leased, underwent significant upgrades costing $200 million; these improvements included major restaurants, a redesigned lobby, and a health and wellness center, demonstrating how properties are adapting to meet current market demands.
With Avenue Equities’ acquisition of Cartwright Business Park, the firm stands poised to capitalize on the ongoing growth and development in Irvine’s commercial real estate landscape, while also positioning itself among significant players in the industry.
FAQ
What was the acquisition cost of the Cartwright Business Park by Avenue Equities?
The acquisition cost of the Cartwright Business Park was nearly $42.4 million.
Who founded Avenue Equities?
Avenue Equities was founded by Arya Rashtchi.
What does the Cartwright Business Park consist of?
The Cartwright Business Park 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.
What significant transaction occurred related to Irvine Crossing?
Menlo Equities sold a data center and warehouse known as Irvine Crossing for $180 million.
What are the tenants occupying Irvine Crossing?
Half of Irvine Crossing is used as a distribution warehouse by Amazon, and the other half serves as a data center leased to Cyxtera.
When did the deal for Irvine Crossing close?
The deal for Irvine Crossing closed in June.
How much did Menlo Equities purchase Irvine Crossing for?
Menlo Equities purchased Irvine Crossing in 2011 for $47 million.
What was the significance of the Irvine Crossing sale?
The sale was noted as the largest industrial property transaction in Orange County for that year.
What is CBRE’s involvement with the MetLife Building?
CBRE will serve as property manager, asset manager, and leasing agent for the MetLife Building.
| Feature | Details |
|---|---|
| Acquirer | Avenue Equities |
| Property Acquired | Cartwright Business Park |
| Location | Irvine, California |
| Acquisition Cost | $42.4 million |
| Number of Buildings | Six |
| Recent Significant Transaction | Irvine Crossing sold for $180 million |
| Key Tenants at Irvine Crossing | Amazon, Cyxtera |
Deeper Dive: News & Info About This Topic
- CoStar: Avenue Equities Buys Irvine Business Park
- Google Search: Avenue Equities Irvine California
- OC Register: Golden State Foods Sells Majority Stake
- Wikipedia: Private Equity
- New York Post: NYC’s MetLife Building Management Change
- Google News: MetLife Building NYC
- OC Business Journal: Irvine Amazon Facility Trades
- Encyclopedia Britannica: Real Estate
- The Real Deal: Rose Equities Moves Forward on Apartment Complex
- Google Scholar: Real Estate Investment
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