TUSTIN, CA—CapRock Partners LLC has acquired ahigh-image mixed-use industrialproperty at 14191 Myford Rd.here from a sellerGlobeSt.com has learned is a joint venture between PenwoodReal Estate Investments and WesternRealco for a price not revealed to us. Located within theJamboree/I-5 freeway and 261 toll-road corridor, the propertycomprises 7.4 acres with a 110,000-square-footindustrial/R&D building that includes 10,000square feet of second-floor office space.

CapRock was unable to reveal the identity of the tenant in placeat the property, but did tell GlobeSt.com that it was aNASDAQ publicly traded company. The tenant willoccupy almost 40% of the building, and CapRock will convert theremaining 69,000 square feet to creative-office use with a 4:1parking ratio—a rare offering in this sought-after location.

The new owner plans to invest well over $1 million in theconversion to a modern, open-office layout, as well as to fundadditional improvements, including collaborative outdoor work areasand outdoor entertainment amenities—all featuresthat are aimed to further set the property apart in thissupply-constrained market. The project recently received anextensive array of improvements, including a new façade with anexpansive glass curtain wall, resurfaced entry parking lot,landscaping and a seismic retrofit.