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TUSTIN, CA-Scanlan Kemper Bard Cos. of Portland, OR has acquired the 358,601-sf Tustin Business Park from Calwest Industrial Properties LLC for $27 million. The park, which was 98% occupied at the time of the sale, sits on a 31.4-acre site that includes a self-storage warehouse and an RV storage facility.The buyer gets a 16-building industrial park, along with the self-storage warehouse and the RV storage facility, on five separate leasehold parcels with 39 years remaining. The property is bordered by Edinger and Red Hill avenues and the 1,500-acre Tustin Marine Base, which is slated for a major mixed-use redevelopment. The business park portion of the property comprises 300,602 sf, the self-storage area 57,999 sf with 563 units and the RV storage area 276 stalls.SKB says that it expects the project, which has historically maintained a high percentage of occupancy, will be enhanced by the planned development at the former Tustin Marine Base. Base redevelopment plans calls for corporate facilities, research and development buildings, retail space, lodging and recreational uses that would include a golf course.Bob Scanlan of SKB points out that in-place rents run about 11% below the estimated market rents, which means that SKB can look forward to adding “significant value to the asset over the next few years” because demand for space at the park is high and most tenants are on short-term leases.The business park sale was brokered by a Grubb & Ellis team that included Kevin Shannon and Scott Schumacher of the company’s South Bay office along with Jeffrey Hanson and Ryan Gallagher of its Newport Beach office.

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