CSUF News Service
Two Buildings Purchased for CSUF Irvine Campus
Aug. 14, 2013
Students will be attending classes this fall in the University's newest building acquisition, the Banting Corporate Center.
Cal State Fullerton's campus property will expand by 12.35 acres with the close of escrow on the Banting Corporate Center in Irvine. The center willl continue to house the CSUF Irvine Campus.
The CSUF Auxiliary Services Corp. purchased the two-building complex for $30.5 million in August following the CSU Board of Trustees authorization in July and issuance of systemwide revenue bonds for the purchase. The debt will be paid with rental income, initially from existing tenants, which will continue to occupy one building for up to five years.
CSUF has leased and occupied 70,000 square feet at the Banting Corporate Center since 2010 as a branch campus to enhance access to CSUF programs by students living or working in south Orange County. With this purchase and over time as tenant leases expire, CSUF plans to occupy both buildings on the site, doubling the size of the branch campus. Cal State Fullerton has had an active campus presence in south Orange County since 1989.
"This investment in our Irvine Campus reconfirms our commitment to south Orange County," CSUF President Mildred García said. "This campus has been a true success story, and it plays an important, integral role in the University and its educational mission. We are all very excited that the board has authorized our Auxiliary Services Corporation to pursue this purchase."
The purchase means a strategic expansion of CSUF's footprint in Irvine at a time when current enrollment at the campus is strong and expected to strengthen. This fall, the branch campus will be offering lower-division courses and welcoming freshmen and sophomores there for the first time in 24 years, factors expected to increase enrollment.
Two commercial tenants currently occupy 1 Banting under leases that expire in 2014 and 2019.
Under the current leasing plan, the Auxiliary Services Corp. will continue leasing 3 Banting to CSUF and 1 Banting to the existing commercial tenants for the remainder of their leases. As these commercial leases expire, the campus will move operations into the space. ASC anticipates that the two buildings will be fully leased to and occupied by the campus when the commercial leases expire and the University has completed the requisite seismic upgrade and tenant improvements needed to accommodate CSUF occupancy and academic use.