Land Trust, USA Properties buy $27M Irvine office building

Nonprofit Irvine Community Land Trust and developer USA Properties have paid $26.5 million for a 70,000-square-foot office building in Irvine, with plans to turn it into affordable apartments. The pair bought the two-story building at 2400 Barranca Parkway from Pasadena-based Gemdale USA, a unit of China-based Gemdale, which had scotched plans to replace it with […]This article originally appeared on The Real Deal. Click here to read the full story.