November 15, 2019
A joint venture between Stockbridge, on behalf of a separate managed account, and Harbor Associates, divested a single-tenant GSA building in Tustin. An unnamed public GSA REIT paid $36.2 million for the 66,818-square-foot asset at 1401 Myford Rd.
The two-story, LEED certified building is fully leased to the General Services Administration (GSA) / U.S. Citizenship and Immigration Services, a division of the U.S. Department of Homeland Security. The recently-renovated asset is positioned on a 4.6-acre site near the intersection of Interstate 5 and Route 261.
A JLL Capital Markets team led by Derek Landry, Mark DeGiorgio, Nick Foster and Michael Leggett represented the seller. The deal works out to about $542-per-square-foot.
For comments, questions or concerns, please contact Dennis Kaiser