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9/17/24
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A private 1031 exchange investor paid $8.51 mil for The Bricks, a 44.6k sf ($191/sf), multi-tenant office and medical building in Tustin. The property is located at 18302 Irvine Blvd, in the heart of Old Town Tustin, between Newport Ave and Irvine Blvd. Its location provides immediate access to beaches, entertainment districts, shopping and dining.
The three-story low-rise building was 96% occupied at the time of the sale, featuring a diverse rent role of nine tenants. The suites vary in size from 1.8k sf to 7.6k sf. Situated on 1.7 acres, the property was built in the 1980s and has been meticulously maintained and updated.
CBRE Investment Properties' Anthony DeLorenzo, Bryan Johnson and Nick Williams represented Harbor Associates, the seller, in the transaction. According to DeLorenzo, they are seeing strong demand from private capital and 1031 investors across asset classes and expect that trend to continue for the foreseeable future.
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