Reconfigured and Upgraded. In 2014 we acquired 1601-1621 Alton Parkway in Irvine for $13.3 million, or $107 per square foot. The property was built in 1974 and contained 124,000 square feet on 5.8 acres of land. At the time of purchase, the property was only 40% occupied with one tenant, and we executed a value-add plan to renovate, modernize, and reconfigure the property into five spaces. We divided a 60,000 square foot unit into three spaces ranging from 16K-25K square feet and added functional and cosmetic upgrades. Upon completion we project a stabilized yield of 6.8%.