Commercial Property Executive Gaines Investment Trust has paid $42 million, or $135.08/unit, for the 310,925-square-foot office building at 2600 Michelson Drive in Irvine, Calif. The La Jolla, Calif., company purchased the property from CBRE Investment Management, which had acquired it in 2018 for $120 million. PNC Bank provided $72.4 million of financing to facilitate CBRE’s purchase […]

The post Irvine, Calif., Office Property Sells at 65% Loss appeared first on Commercial Real Estate Direct.