June 21, 2016
CBRE Group, Inc. completed a net-lease investment sale of a property in Tustin, CA for $18.75 million. The 39,018 square-foot asset is occupied by Orchard Supply Hardware, a hardware, garden and home improvement retailer and a wholly-owned subsidiary of Lowe’s Corp.
The site, at 1091 Old Irvine Blvd., is an adaptive reuse of the former Tustin Bowling Lanes, that required 14 months to transform into space for Orchard Supply Hardware.
CBRE’s Maurice Nieman, Ian Schroeder and Alan Krueger represented the seller, Cadence | CA, a commercial real estate developer. Nieman says, “The buyer was in a 1031-exchange and had the choice of several other high-profile Southern California assets.”