Tustin Executive Center Trades

TUSTIN, CA—CBRE has closed on the sale of Tustin Executive Center, a 90,932 square-foot, four-story office building located here.

Deutsche Asset & Wealth Management purchased the building from an undisclosed institutional seller for approximately $20.4 million. The building sold at an attractive cap rate and nearly $225 per square foot. CBRE's Paul Jones, Bob Smith, Gary Stache and Anthony DeLorenzo represented the seller in the transaction. The property is located at 17542 East 17th St.

“There is currently a lack of quality stabilized office product available for sale throughout Orange County.  Tustin Executive Center is a high quality, well-leased, competitive asset that will continue to benefit from its unique location and improving market fundamentals,“ says Jones. 

Sitting on 3.4 acres, the property is a class A office building developed in 1984 and recently renovated. The LEED Gold and Energy Star rated mid-rise office tower is currently 93% leased to a mix of national and regionally recognized corporate tenants across a wide range of industries. Main national tenants include Kaiser Permanente, MetLife and Springfield College. Regional tenants include Coreland CompaniesandSunwest Bank. The center also has an attached two-story parking structure along with surface parking, for an above average parking ratio.

Tustin Executive Center is in proximity to the Costa Mesa (SR-55) Freeway, providing easy access to nearby transportation corridors, which connect throughout all of Southern California. The Orange County John Wayne International Airport is directly south, approximately seven miles away on the Costa Mesa Freeway. The property is also within walking distance of numerous amenities including local restaurants, hotels, banks, and fitness centers.

“Deutsche Asset & Wealth Management saw Tustin Executive Center as an opportunity to purchase a building in excellent condition in a recovering Orange County office market where they have an existing portfolio.  This is their first office purchase in Orange County since 2007,” added Smith.