October 4, 2019
Los Angeles-based Excelsior Partners acquired a 50,832-square-foot, creative office building in Tustin, CA for $16.8 million. The seller of the Irvine Business Complex asset was a joint venture between Harbor Associates and Stockbridge.
The property is located at 2642 Michelle Dr. at Create Tustin. Built in 1980 and renovated in 2017, the two-story building is situated on 2.81 acres and includes roughly 200 parking spaces. The asset is fully leased to three tenants, Avid Bioservices (formerly Peregrine Pharmaceuticals), Advantage Sales & Marketing, and GPA Consultants.
NKF’s Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones, Blake Bokosky and Brandon White represented the seller. The buyer was self-represented.
“Create Tustin provides the buyer with a fully-repositioned, net leased creative office asset centrally located in Orange County,” said Fulp.
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