Newmark has announced it has completed the $16.8 million sale of 2642 Michelle Drive at Create Tustin, a 50,832-square-foot, creative office building in Tustin, CA. The asset is fully leased to three tenants - Avid Bioservices (formerly Peregrine Pharmaceuticals), Advantage Sales & Marketing, and GPA Consultants.
Newmark’s Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones, Blake Bokosky and Brandon White represented the seller, a joint venture between Harbor Associates and Stockbridge. The buyer, Excelsior Partners, represented itself.
“Create Tustin provides the buyer with a fully repositioned, net leased creative office asset centrally located in Orange County,” said Fulp.
“With a committed in-place tenancy and amenity-rich area, this asset will perform well for generations to come,” added Plummer.
Built in 1980 and renovated in 2017, the two-story building is situated on 2.81 acres and includes approximately 200 parking spaces. The institutional-quality creative office asset features efficient rectangular floor plates, contemporary interior finishes and modern creative office build-outs throughout the tenant spaces.
2642 Michelle Drive is located in the Irvine Business Complex and is proximate to many amenities including The Tustin/Irvine Marketplace and The District at Tustin Legacy with provide more than 225 stores, shops and restaurants.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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