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3/13/23
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PJRJPA Venture LLC inked a 75-year ground lease for 1.44 acres at South Orange County Community College District ATEP campus in Tustin for use as Goddard School. The transaction was valued at $27.3 mil.
The primary period of the ground lease is for 75 years, with a one-time right to extend the primary period of the lease for an additional 24 years, for a total of 99 years. The ground lease approval kick-starts the construction of a 14.4k sf educational preschool with ancillary childcare services, outdoor play areas, a parking lot, and associated infrastructure improvements. The project site consists of 1.44 acres within the approximately 61.4-acre ATEP site. The school is planning to open Fall 2023.
The presence of the Goddard School adjacent to the community college campus will provide opportunities for learning and development for both the children in attendance and the community college students. With proximity to shopping, transportation, and medical services, the Goddard School is primed to be an accessible location that can address vital childcare needs for Tustin and surrounding areas for years to come.
David Knowlton, SIOR, CCIM, Kirby Greenlee and Mariko Beaver with NAI Capital Commercial represented the landlord, South Orange County Community College District, in the transaction.
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