The three-building complex stands at 15621-15661 Redhill Ave.Encompassing 138,591 sf, the project was 94% occupied at the timeof sale. The property title is now held by JS Northpointe LP, asingle-purpose entity owned by the John R. Saunders Trust.
The buyer, real estate investor John R. Saunders, wasrepresented by Gregg Herbert and Jeff Hanson of Grubb & Ellis'Newport Beach office. Herbert and Hanson also spoke for the seller,Hartford, CT-based UBS Realty Advisors.
The Tustin office sector has experienced a negative netabsorption of 3,477 sf for the first three quarters of 2001. Thethird quarter finished up with a direct vacancy rate of 6.7% and asublet vacancy rate of 0%. Out of an inventory of 234,159 sf, morethan 15,690 sf stood vacant at the end of the third quarter.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
