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HomeReal EstateIndustrial Investor Pays $24M for Teva’s Irvine Campus

Industrial Investor Pays $24M for Teva’s Irvine Campus

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Teva Prescription drugs Industries Ltd. has offered its Irvine services for what property data point out to be about $24 million, a few 12 months after the drugmaker determined to completely shutter the manufacturing web site after contamination issues from the Meals and Drug Administration.

The sale comes a couple of months after the $11 billion-valued firm (NYSE: TEVA) put the 6.7-acre web site in the marketplace. Prior stories cited actual property sources that advised the positioning may fetch upward of $50 million, given latest pricing websites eyed for brand spanking new industrial initiatives.

An industrial redevelopment should still happen; the brand new proprietor is Newport Seaside-based EBS Realty Companions, a industrial actual property investor that usually invests in and develops industrial and workplace initiatives within the Inland Empire, however has been extra lively within the area lately.

The lower-than-expected worth paid for the campus is partly attributable to weakened market circumstances and troubled debt markets because the services hit the market final 12 months, in line with EBS Principal Patrick Remolacio.

The economic-zoned web site alongside Hughes Avenue contains three present industrial and R&D buildings totaling about 186,000 sq. ft, the most important being Teva’s essential, 88,000-square-foot facility at 19 Hughes.

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