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1/18/24
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Advantech Co has signed a 75-year ground lease for 9.75 acres at South Orange County Community College District ATEP campus in Tustin. The transaction was valued at $264.8 mil.
The firm, a Taiwanese-based maker of industrial PCs, embedded Internet of Things (IoT) devices and other tech products, plans to build a six-story, 108.9k sf office building on the District’s Advanced Technology and Education Park (ATEP) in the Tustin Legacy area. The company is also expected to construct an additional two-story, 78.8k sf warehouse facility for storage, light manufacturing, repairing, and packaging non-hazardous industrial computer-related products.
The new development, spanning nearly 10 acres at the intersection of Red Hill Ave and Victory Blvd, is set to be one of the larger R&D projects in Orange County in recent years. It will serve as Advantech's largest campus development to date. Currently operating from a roughly 27k sf building in the Spectrum area of Irvine, Advantech anticipates relocating its U.S. operations to the new North American headquarters in late 2025.
David Knowlton, SIOR, CCIM, Kirby Greenlee and Mariko Beaver with NAI Capital Commercial represented the landlord, The South Orange County Community College District (SOCCCD) Board of Trustees. Oliver Ternate and Eric Tse of Kidder Mathews repped Advantech in the deal, which provides Advantech an option to purchase the property in 2034.
David, said, “This transaction is a big win for Advantech, the City of Tustin, and the Advanced Technology &Education Park (ATEP). It allows Advantech to expand its footprint, creates more jobs for the community, and adds significant synergy between businesses and educational institutions within the Park. David added, “Last year, Saddleback College broke ground on an approximately 50k sf facility at ATEP to serve its state-of-the-art culinary arts program, logistics program, and advanced automotive program. This follows Irvine Valley College’s 32.5k sf School of Integrated Design, Engineering and Automation which was completed in 2018.”
ATEP encompasses approximately 61 acres on Red Hill Ave on the northwestern edge of the 1,606-acre former Marine Corps Air Station. The school district acquired ownership of the land through a deal with the city of Tustin after the closure of the former helicopter base in 1999. Depending on the product type, the education campus has the potential to accommodate between 1.1 msf to 1.7 msf of space.
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