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10/15/19
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In a recent OC industrial buy, Mitchell Company paid $28.9 mil for a fully occupied, single-tenant light industrial/R&D building in Tustin. The 117.8k sf ($245/sf) facility, located at 2441 Michelle Dr, is leased to Canon Medical Systems USA (formerly Toshiba Medical Systems), who has occupied the building since shortly after it was developed in 1983.
The property recently underwent an extensive renovation that completed in 2018. It sits on approximately six acres and is proximate to the 5 and 55 freeways, as well as The Tustin/Irvine Marketplace, a regional shopping center with more than 122 shops and restaurants, and The District, a one-million-square-foot shopping center.
NKF’s Executive Managing Director Scott Read, Executive Managing Director Paul Jones, Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Bret Hardy, Managing Director Blake Bokosky and Senior Associate Brandon White represented the sellers, Everwest Holdings and Bantry Holdings. Mitchell Company was repped by Tom West of Lee & Associates.
“Canon has been a tenant at this location for decades and utilizes the building for its domestic headquarters,” said Jones. “This institutional-quality asset offers the new ownership a cash-flowing net-leased facility in a high barrier to entry Orange County market.”
The Orange County industrial market continues to have an extremely low vacancy and Tustin, which is part of the Greater Airport Area submarket, is seeing vacancy rates at less than 3 percent. High barriers to entry for new construction, high construction costs and lack of available sites to develop, are all factors that keep the Orange County market in high demand from both tenants and investors.
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