An Irvine office campus is adding a mega-solar project atop its roofs and car canopies in addition to a battery array.
MetLife Investment Management is working with DSD Renewables to install the 2.2-megawatt solar project and 510 kWh battery storage system at Intersect, on behalf of property owners PGGM and MetLife.
MetLife and DSD estimate the solar project will generate more than 3.5 million kWh of energy annually, which should provide for 74% of Intersect’s required power. The battery system also will store excess electricity generated, supporting the grid by reducing peak demand.
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The project at the campus along Von Karman Avenue near John Wayne Airport should be completed in 2025, MetLife said.
Tenants at Intersect include JLL, Xponential Fitness, Spaces and Hangar 24.
Lido retail center gets a new owner-partner
The harbor-side retail center Lido Marina Village has a new ownership partner after a recapitalization of the 3-acre property.
Terms of the deal were not disclosed by JLL, which represented DJM Capital, Arc Capital Partners and Belay Investment Group.
DJM, recapitalized the center in 2020 with a $46.5 million loan from Prime Finance and an additional $24.5 million of new equity from Arc Capital Partners. That capital was used to pay off an existing loan and complete property renovations, DJM said at the time.
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The reorganization saw the exit of Arc and Belay and the entrance of Redwood West, a commercial real estate investment firm in Newport Beach.
The 52-year-old retail center was substantially updated in 2022 and 2016. The complex includes 77,922 square feet of retail space, 28,694 square feet of offices and a 47-slip marina deck overlooking the bay.
Tenants include Nobu, Zinque, Malibu Farm, Circle Hook Fish Co., Aesop, Warby Parker, Elyse Walker, Faherty, Curl…
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