Kurv Industrial Adds Another Irvine Property to Collection

A nearly 20-acre industrial property in Orange County has come under new ownership.

Kurv Industrial, which rebranded from Bridge Industrial last month, acquired a 348,000-square-foot industrial building on a 19.5-acre parcel at 9750 Irvine Boulevard in Irvine, L.A. Business First reported. Kurv plans to rename the property, located in the Irvine Spectrum business park, to Kurv Irvine II.

LBA Logistics was the seller of the property. Terms of the deal, including sale price, were not disclosed. A similar property occupied by some industrial tenants, the 8-acre Stonemill Design Center in Costa Mesa, sold last month for $36.3 million, or roughly $280 per square foot, The Real Deal previously reported.

The purchase marks Kurv Industrial’s second acquisition in Irvine, according to L.A. Business First. The company has another Irvine location at 1 Banting, which consists of a warehouse spanning 215,000 square feet on 12 acres. That property, known as the original Kurv Irvine, was delivered last year.

Kurv Irvine II counts tenants across several industries among its occupants, including electric truck manufacturer Rivian. The property boasts offices as well as warehouse space.

Kurv has been active on both coasts since its name change from Bridge Industrial. Earlier this month, the firm dropped $219.7 million on a Pompano Beach, Florida warehouse portfolio, marking the priciest industrial deal so far this year in South Florida, TRD reported. Those five warehouses span 819,800 square feet, with the price working out to $268 per square foot.

The company has been tweaking its real estate portfolio elsewhere in California. In December, the Chicago-based firm, then known as Bridge Industrial, began searching for a buyer for Bridge Point Oakland, a 534,242-square-foot industrial park in Oakland. Kurv bought the Class A industrial property at 5441 International Boulevard, once a General Electric transformer manufacturing plant, in 2019 for $37.8 million. It spent another $91.6 million to redevelop the property, completing construction there in 2023.

This year, industrial vacancy in Orange County ticked up to 5.3 percent, according to CBRE’s first quarter report — compared to 4.9 percent in the previous quarter.

— Chris Malone Méndez