October 16, 2019
EverWest Holdings and Bantry Holdings sold a fully-occupied, single-tenant light industrial/R&D building at 2441 Michelle Dr. in Tustin, CA for $28.9 million to Mitchell Company. The 117,805-square-foot property is leased to Canon Medical Systems USA (formerly Toshiba Medical Systems), which has occupied the building since shortly after it was developed in 1983.
The property recently underwent an extensive renovation that wrapped up in 2018. It sits on roughly six acres and is near the 5 and 55 freeways, as well as The Tustin/Irvine Marketplace, and The District.
Lee & Associates’ Tom West represented the buyer. NKF’s Scott Read, Paul Jones, Kevin Shannon, Bret Hardy, Blake Bokosky and Brandon White advised the sellers.
Jones says, “Canon has been a tenant at this location for decades and utilizes the building for its domestic headquarters. This institutional-quality asset offers the new ownership a cash-flowing net-leased facility in a high barrier to entry Orange County market.”
For comments, questions or concerns, please contact Dennis Kaiser