Office Building Trades for $1.8 Mil

TUSTIN, CA-A Tustin office building has been acquired by a private investor for $1.8 million. The facility encompasses a total of 21,479 sf, with 19,050 sf of rentable space. The building is located at 17601 E. Tustin St. It is 100% occupied, with tenants including Informed Escrow and Farmers Insurance.

“Like most cases with smaller office buildings, the transaction involved a smaller, private investor,” says Chris Latta, a Lee & Associates broker who worked on the deal. According to Latta, the transaction was a 1031 exchange. Area brokers say smaller, local investors and 1031 buyers are stepping up to fill the demand in the Southland’s office market, now that institutional buyers’ interest in this type of product has waned.

Jason Afshar of Sperry Van Ness represented the buyer, Belcore & Associates Inc. Latta represented the seller, Horowitz Group.