Broadreach Capital Partners, in joint venture with Stonewood Properties, has acquired its first Southern California asset, a vacant 200,000-square-foot suburban office complex in Tustin, Calif.
The value of the transaction was approximately $17 million.
Tustin Commons is comprised of three two-story office buildings ranging in size from 51,000 square feet to 93,000 square feet and is located west of Interstate 5 near Jamboree Road. The joint venture plans to invest an additional $20 million to reposition and expand the asset into a class A office and R&D campus.
Construction will begin immediately on modernizing the two smaller buildings at 14101 Myford Road and 2642 Michelle Drive, which will include a new concrete and reflective green glass curtain wall, advanced communication infrastructure, new HVAC, and updated interiors that can be suited to a tenant’s needs. Both buildings are scheduled for second-quarter 2005 occupancy.
Broadreach’s partner, Newport Beach-based Stonewood Properties, will oversee the day-to-day management, leasing, and construction activity on the Tustin Commons project.
John Collins of Voit Commercial represented Broadreach and Stonewood in the transaction, while the seller, a group of private San Diego based investors, were represented by Dave Desper of CB Richard Ellis and Jeff Chiate of Cushman and Wakefield.
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