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5/06/20
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The Irvine Prospect Building, a 16.3k sf office building in Tustin, sold for $3.275 mil ($200/sf). Built in 1973, the two-story, multitenant building sits on a 30.5k sf parcel at 17772 Irvine Blvd.
The jewel-box building is very well maintained and managed, with prominent street signage. Tenants enjoy a Walk Score of 81. At the time of sale, the building was over 90% leased to 21 tenants.
Steven Ehrich and John Bosko with NAI Capital's Investment Services Group represented the seller, R&B Investment LP, who had owned the asset for more than 30 years. The buyer was Golden Top LLC.
“This was an outstanding opportunity for an investor or owner occupier to purchase an office building with tremendous upside potential,” noted Bosko. “The building ultimately sold to a user investor who can take advantage of the short term leases in place that create additional income and value.”
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