Philip Cohen, Ryan Swanson and Chris Conway of Lee’s Irvine office represented both the buyer, CT Realty Corporation and the seller, NGK Spark Plugs, maker of spark plugs for automotive, motorcycle, marine and small engine application. According to Swanson, NGK is moving their manufacturing to West Virginia but kept their West Coast distribution in Irvine. The company signed a 5-year lease for 56,000 square feet with the Irvine Company.
The buyer is planning a major remodel and upgrade to the value-add property at 6 Whatney. “Currently, the market is ripe with several users looking to buy versus lease,” Swanson said. “As this is a rare corporate headquarters building that will be soon repositioned for sale, we anticipate an uptick in Spectrum activity moving into the new year. With a lack of inventory to keep up with demand, prices have started to increase as the market picks back up.”