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7/11/17
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Lincoln Property Company and Alcion Ventures have obtained $141.6 mil in financing for the construction of Phase I of FLIGHT at Tustin Legacy, a 470k sf creative office campus located in Tustin. The three-year construction loan was arranged by HFF and funded through ACORE Capital, a leading commercial real estate finance company, and iStar, Inc. Construction is expected to be completed in early 2019.
As the first office development within the 1,600-acre site of the former Marin Corps Air Station Tustin, FLIGHT will cement the Tustin Legacy master-planned development as a true “live, work, play” community. Designed with unique, hangar-inspired architecture, FLIGHT will provide an inspiring, one-of-a-kind working and dining experience.
Noteworthy amenities of the campus will include a 12k sf food hall, which will feature an array of unique, chef-driven dining concepts, and a 7k sf conference center, which will serve an untapped need for collaborative space that can be utilized by tenants or third parties. Both were designed to serve as a draw to tenants who increasingly desire a broad base of walkable, convenient community amenities.
There has been little large-scale development of authentic creative office space in Orange County to-date, significantly lagging the trend in Los Angeles, San Francisco and Silicon Valley. Popularized by tech companies in the Bay Area, creative office designs are now desired by many different types of businesses.
FLIGHT will be the first purpose-built creative office campus of its kind in the entire county, and Tustin Legacy with its parks, bike paths and outdoor amenities offers a perfect location for a development like this project with its open floor plans, high ceilings and collaborative work spaces. Phase II of FLIGHT is expected to offer 550k sf of creative office space.
HFF’s Mark Wintner and Doug Bond arranged the loan. Phase II of FLIGHT is expected to offer 550k sf of creative office space.
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