The office building was approximately 84% leased at the time of the sale, but leases are out for signature on "a significant amount of space at the property," an ING spokesperson tells GlobeSt.com. According to Richard Pink, managing director at ING Clarion, the investment firm likes the Tustin Executive Center's Central Orange County location in "a strong submarket with improving fundamentals."
Pink notes that vacancy rates in the area are trending lower, "with no new office construction expected to be completed before 2009," and rents that are increasing rapidly. The Orange County office market in general has been setting records for new high rental rates and new lows in terms of vacancy in recent months, according to the latest market reports.
ING Clarion represented itself in the purchase. The seller was represented by a Grubb & Ellis team including Mike Randall, Ryan Gallagher, Lonnie Riddle, David Giglio and Lori Smith.
The acquisition of the Tustin Executive Center expands an ING portfolio that includes office, industrial and apartment assets throughout Southern California. Its more recent acquisitions in the Southland include an industrial facility of 184,000 sf in Chino, a portfolio of 644,000 sf of industrial space in Anaheim and Valencia, the 102-unit Belle Apartments in Marina del Rey, the 240-unit Missions at Chino Hills Apartments and the 419,000-sf 500 N. Brand office complex in Glendale.
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