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December 11, 2017
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ORANGE COUNTY NEWS
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Owner/Users Trade Tustin Industrial Facility

8/25/17

A 33.5k sf industrial property in Tustin sold for $6.65 mil ($199/sf). The property, located at 2961 Dow Ave, west of the intersection of Jamboree Rd and I-5, includes a yard. It was purchased by Dailin Holdings.

CBRE’s Ross Fippinger represented the seller, a manufacturing company. Ross Bourne, also with CBRE, repped the buyer in the transaction.

“This was a unique transaction as the seller was able to lease back the entire building for six months and then approximately 50% of the property for another 12 months,” said Fippinger. “This was a great opportunity for both sides as the buyer is able to phase into the building while the seller consolidates into another nearby Tustin facility. The lack of available options creates the need for users in our market to get creative, which is exactly what happened with both parties in this transaction.”

Industrial fundamentals remained consistent in Orange County despite activity declining during the second quarter, according to CBRE research. The drop was not due to a lack of tenant demand or a softening market, but rather a function of the market tightening, leaving fewer options. Despite lack of available space, Orange County’s gross activity and net absorption since 2010 averaged 12 msf and 1.5 msf annually, respectively.





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