Irvine, California, October 4, 2025
News Summary
Avenue Equities has made a significant move in California’s commercial real estate market by acquiring the Cartwright Business Park in Irvine for $42.4 million. This acquisition includes six flex properties designed for a variety of business needs, reflecting the ongoing demand for versatile industrial spaces. Coupled with Menlo Equities’ recent sale of Irvine Crossing for $180 million, this transaction highlights the robust growth potential of California’s industrial sector. Additionally, CBRE takes over management of the MetLife Building, emphasizing sustainability in property management.
California – Avenue Equities has acquired the Cartwright Business Park in Irvine for $42.4 million. This transaction marks a significant investment in the area, as the Cartwright Business Park includes a portfolio of six flex properties, catering to various business needs. The acquisition underlines the continuing appeal of the industrial and commercial real estate market in California’s growing economy.
The Cartwright Business Park’s specific details signify its multifunctional design, making it suitable for a diverse range of tenants. This flexibility often attracts businesses seeking modern spaces that accommodate office, warehouse, and distribution functionalities within a single location.
This news arrives shortly after Menlo Equities completed a major sale involving a different property in Irvine, the Irvine Crossing, for $180 million. The Irvine Crossing is an impressive facility comprising roughly 400,000 square feet, divided between a distribution warehouse leased to Amazon and a data center managed by Cyxtera. Following Menlo Equities’ acquisition of Irvine Crossing for $47 million in 2011, the recent sale underscored the property’s economic growth potential and the sound investment strategies observed in the region.
The acquisition of Irvine Crossing, noted as the largest industrial property transaction in Orange County for the year, highlights the strong demand for such spaces. While half of the building serves Amazon’s logistics needs, the other half operates as a data center, indicating a profitable synergy between e-commerce and data management. The data center, known for its extensive capabilities, is referred to as LAX3, providing 115,000 square feet of raised floor space.
Notably, Cyxtera, which operates the data center, is preparing for a $3.4 billion merger with a Special Purpose Acquisition Company (SPAC) named SVAC. This planned merger is set to further elevate Cyxtera’s status in the market as it expands its service footprint, evidenced by recent leasing agreements, including a large facility in Santa Clara, California.
Furthermore, the management of the MetLife Building at 200 Park Ave. has transitioned to CBRE, marking the end of Tishman Speyer’s nearly two-decade management period. CBRE will oversee property management, asset management, and leasing for the MetLife Building. The building has undergone significant modernization, which includes upgrades in common areas and facilities such as a redesigned lobby and health and wellness center, enhancing its market attractiveness.
In terms of sustainability, the future management under CBRE emphasizes green initiatives. CBRE, managing $144 billion in commercial assets globally, plans to uphold sustainability standards and practices within the MetLife Building, following Tishman Speyer’s $200 million investment in upgrades. The building remains substantially leased at 97%, benefiting from a diverse array of major restaurants and services that appeal to tenants and visitors alike.
Key Highlights
- Avenue Equities acquires Cartwright Business Park in Irvine for $42.4 million.
- Cartwright Business Park features a six-building portfolio of flex properties.
- Previous sale of Irvine Crossing by Menlo Equities amounted to $180 million.
- Irvine Crossing comprises around 400,000 square feet, divided into warehouse and data center spaces.
- Data center known as LAX3 is managed by Cyxtera and provides 115,000 sq ft of raised floor space.
- Management of the MetLife Building transferred to CBRE from Tishman Speyer.
Background Context
Avenue Equities, founded by Arya Rashtchi, continues to demonstrate growth and investment confidence by acquiring properties in high-demand areas. The acquisition of Cartwright Business Park signals not only local interest but reflects broader trends in the real estate market, where flexible spaces are increasingly sought after.
Menlo Equities’ previous investments illustrate the potential profitability of industrial real estate in California, especially as e-commerce continues to expand. The financial maneuvers and expansion strategies of firms such as Cyxtera further indicate a solid and evolving market for tech-related properties. The transition of the MetLife Building’s management is a significant step toward enhancing its value through strategic asset management.
FAQ Section
Who acquired the Cartwright Business Park?
Avenue Equities acquired the Cartwright Business Park.
How much was the acquisition of the Cartwright Business Park?
The Cartwright Business Park was acquired for $42.4 million.
What does the Cartwright Business Park consist of?
The Cartwright Business Park consists of a six-building portfolio of flex properties.
What significant sale occurred before the Cartwright acquisition?
Menlo Equities sold a data center and warehouse known as Irvine Crossing for $180 million.
Who managed the data center known as LAX3?
The data center LAX3 is managed by Cyxtera.
Chart of Key Features
| Property | Type | Size (sq ft) | Acquisition Price | Current Management |
|---|---|---|---|---|
| Cartwright Business Park | Flex Properties | N/A | $42.4 million | Avenue Equities |
| Irvine Crossing | Distribution Warehouse / Data Center | 400,000 | $180 million | Menlo Equities |
| MetLife Building | Office Building | N/A | N/A | CBRE |
Deeper Dive: News & Info About This Topic
- CoStar: Avenue Equities Buys Irvine California Business Park
- Google Search: Avenue Equities Irvine
- Data Center Dynamics: Menlo Equities Sells Cyxtera Data Center
- Wikipedia: Data Center
- OC Register: Golden State Foods Sells Majority Stake
- Encyclopedia Britannica: Private Equity
- The Real Deal: Rose Equities Moves Forward on Apartment Complex
- Encyclopedia Britannica: Real Estate
- OC Business Journal: Irvine Amazon Facility Trades
- Google News: Amazon Facility Irvine
Author: STAFF HERE HUNTINGTON BEACH
The Huntington Beach Staff Writer represents the experienced team at HEREHuntingtonBeach.com, your go-to source for actionable local news and information in Huntington Beach, Orange County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Huntington Beach Surf City USA Marathon, the U.S. Open of Surfing, Fourth of July celebrations at the Huntington Beach Pier, and community festivals at Huntington Beach Central Park. Our coverage extends to key organizations like the Huntington Beach Chamber of Commerce and Visit Huntington Beach, plus leading businesses in retail, hospitality, and outdoor recreation that drive the local economy. As part of the broader HERE network, including HEREAnaheim.com, HERECostaMesa.com, HERESantaAna.com, and HERELosAngeles.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
