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6/23/20
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A local investor paid $8.4 mil for an 11.5k sf ($730/sf) medical office building in Tustin. The infill property, located at 721 W. 1st St, was sold by CREST Properties LLC.
The building is completely leased by DaVita Healthcare Partners Inc. It is situated off the 55 Fwy in the Downtown Commercial Core Specific Plan (DCCSP), which sets a planning and regulatory framework to attract more patrons to strengthen businesses in Old Town through shopping, dining, and entertainment to support community interaction and pedestrian activity. The asset is also strategically located within three miles of eight hospitals and medical centers, providing a built-in customer base for dialysis tenant DaVita.
The SoCal-based buyer, who was able to get favorable financing terms with two years of interest-only payments, was in a 1031-exchange and looking for a local, long-term investment. CBRE’s Ian Schroeder, Melissa Ley and Allison McDuffie represented the seller in the deal.
“This asset was highly desirable due to the location, credit, annual rental increases and long-term lease,” said Schroeder. “There is also a fully entitled 6k sf medical office site behind this asset, providing a future opportunity for a cohesive medical use with the DaVita.”
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