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11/18/19
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A 66.8k sf, single-tenant office building in Tustin was acquired by a public GSA REIT for $36.2 million, which works out to $542/sf. The building, located at 14101 Myford Rd, was sold by a joint venture between Stockbridge, on behalf of a separate managed account, and Harbor Associates.
Recently renovated in 2019, 1401 Myford Road is a two-story, LEED certified building that is fully leased to the General Services Administration (GSA) / U.S. Citizenship and Immigration Services, a division of the U.S. Department of Homeland Security. The property is positioned on a 4.6-acre site near the intersection of Interstate 5 and Route 261, which provides connectivity to the neighboring areas of Orange County, Los Angeles and the Inland Empire.
The amenity-rich location boasts more than 9 msf of retail space within a three-mile radius. Additionally, 14101 Myford Road is close to Tustin Legacy, Orange County’s most active master-planned development housing 1,600 acres with development underway for 6,800 residential units, lifestyle and community retail, creative office space, schools, community centers, parks and walking trails.
Derek Landry, Mark DeGiorgio, Nick Foster and Michael Leggett with JLL Capital Markets team represented the seller in the deal.
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