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6/22/16
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A 39k sf, a net lease investment property in Tustin was acquired for $18.75 mil ($481/sf) by a 1031 exchange investor. The property is fully occupied by Orchard Supply Hardware, a hardware, garden and home improvement products retail subsidiary of Lowe’s Corp.
The site is an adaptive reuse of the old Tustin Bowling Lanes, that took 14 months to transform into the space for Orchard Supply Hardware. It is located at 1091 Old Irvine Blvd, east of the 55 Fwy and north of I-5. More than 539,764 residents are located within a five-mile radius of the property, and annual growth of 4.9 percent is expected over the next five years.
CBRE’s Maurice Nieman, Ian Schroeder and Alan Kruger represented the seller, Cadence CA, a commercial real estate developer. According to CBRE, Orange County’s average asking lease rate increased 6 cents in the first quarter of this year to $2.20 per square foot, the highest rate since 2013.
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