June 10, 2019
SteelWave acquired AIRspace, a 103,000-square-foot, high-identity, creative office asset located in Tustin, CA from Bixby Land Co. for a reported $23.5 million. Located at 15771 Red Hill, the property is positioned within the Greater Airport Area submarket in the burgeoning Red Hill Corridor.
During the due diligence process, SteelWave signed a 78,000-square-foot lease with Tricon American Homes. The landlord is also negotiating leases with a retail tenant for the remainder of the project, which will include a 15,000-square-foot distillery and tasting room, and a 3,000-square-foot coffee roaster and café.
The recently-renovated project received more than $5 million in improvements, including new punched-in windows/skylights, HVAC units, lobby and exterior renovations, landscaping enhancements, a 16,000-square-foot exposed steel-frame structured mezzanine and overhead doors, which open to a 3,000-square-foot outdoor amenity area.
HFF’s Pat Burger, John Marshall and Olga Walsh placed the acquisition and renovation loan with a bank on behalf of the buyer.
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Tags: Acquisition, Office
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