Orange County Office Building Sells for $17M
- Oct 09, 2019
Excelsior Partners has purchased a 50,832-square-foot creative office building in Tustin, Calif., for $16.8 million. Newmark Knight Frank arranged the deal on behalf of the seller, a joint venture between Harbor Associates and Stockbridge. The buyer was self-represented.
Constructed in 1980 and renovated in 2017, the two-story office building sits on 2.8 acres and features approximately 25,700-square-foot rectangular floor plates. Other features include controlled access and more than 200 parking spaces. The asset is fully occupied by three tenants, Avid Bioservices (formerly Peregrine Pharmaceuticals), Advantage Sales & Marketing and GPA Consultants.
Situated at 2642 Michelle Drive, the creative office building is in the Irvine Business Complex, just off the intersection of Freeway 261 and Interstate 5, roughly 4 miles from downtown Irvine and within 10 miles of the John Wayne Airport. Additionally, the building is close to the Tustin/Irvine Marketplace and The District at Tustin Legacy, which provides access to more than 225 stores and restaurants.
In September, Newmark Knight Frank also represented the seller in the disposition of the iconic Watergate Office Building in Washington, D.C.