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Tishman Speyer, Mitsui Fudosan drop $146M on Irvine land for industrial
FivePoint sells 32-acre site for the construction of four warehouses
Tishman Speyer and Mitsui Fudosan have spent $145.9 million on 32 acres of land in Irvine, as part of the firms’ joint venture to build new warehouses.
The firms announced the deal on Tuesday. The deal came out about $4.6 million per acre, according to property records.
FivePoint Holdings sold the 31.9-acre site, which is located at the southeastern corner of Bake Parkway and the 5 Freeway, records show.
The site is fully entitled to build about 600,000 square feet, according to Tishman Speyer.
The firm plans to build four warehouses, spanning between 73,000 and 203,000 square feet in size, with construction set to start in the fourth quarter.
Mitsui Fudosan, a real estate development firm based in Tokyo, funded the joint venture with $500 million in 2022, along with other capital from Tishman Speyer. The joint venture is targeting coastal areas, including L.A., New York City and the San Francisco Bay Area.
The firms’ new land is within the Great Park Neighborhoods, a master-planned community in the center of Irvine.
In the mid-2000s, the city approved a massive redevelopment of the El Toro Marine base, formerly housed on the land, into homes and commercial properties.
The city has granted home builders Lennar and FivePoint approval to build more than 10,000 homes. FivePoint also scored land slated for commercial use, including the land it just sold.
In December, FivePoint also sold about 6 acres at Great Park, specifically at the southeast corner of Alton Parkway and Muirlands Boulevard, to Nevada-based Dermody Properties for $28.3 million, according to property records.