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TUSTIN, CA-A 5,768-sf retail property has been sold in Tustin for more than $200 per sf. The complex, known as Plaza on First, is currently 100% occupied.

A private investor has paid more than $1.1 million for the property. Located at 640 W. First St., it stands in close proximity to a residential area. The plaza is a six-tenant, triple-net retail complex with mostly long-term occupants. It currently houses a bistro, beauty salon, florist, cleaners, martial arts studio and first class mail store.

“Sperry Van Ness found the multi-tenant, triple-net lease investment opportunity ideal for a passive buyer,” says Mike Austin, a Sperry Van Ness broker who worked on the deal.

Austin and Jennifer Esser, also of Sperry Van Ness, represented both the buyer, Betty Nolde of Laguna Hills and the seller, Plaza on First Associates.

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