NAI Capital Completes Sale of New Medical-Office Condo Project in Tustin, CA
Irvine, CA Thursday, October 05, 2017–Senior Vice President John Manion and Associates Jeanene Stolrow and Austin Hillemann with NAI Capital’s Irvine office completed the sale of a 5,383 square foot office condo in Tustin, Calif. The transaction totaled $1,695,645 or $315 per square foot. Manion, Stolrow and Hillemann represented the buyer, Dr. Michael Lam, and seller, Dunbar Walnut, LLC.
The condo is located within Tustin Corporate Center at 2492 Walnut Ave. The building was built in 1986 and the condo was renovated in 2017. Tustin Corporate Center is a two-story medical-office building situated on a 28,750 square foot lot. The unit enjoys newer construction, great visibility with an extensive glass line, a corner suite with its own private entrance and includes a 28' clear height warehouse with an extra-large roll up door, and parking.
The property has convenient access to the 5, 55 and 405 freeways and the 261 toll road. It is minutes to the District and the Marketplace Irvine with great local area amenities such as restaurants, banking and retail stores. The property was approximately 100% vacant at the time of the sale.
Manion said, “This is an exceptional opportunity for the buyer to acquire a newly renovated medical-office condo in a market where office space remains tight. Tustin Corporate Center is in a good location. The comprehensive rebranding and renovation of this project has yielded the seller client a great return on their investment.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, a leading global commercial real estate services firm with more than 375 brokerage offices and over 6,700 professionals spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
Founded in 1978, NAI Global is a leading global commercial real estate services firm with more than 375 brokerage offices and over 6,700 professionals located throughout North America, Latin America, Europe and Asia Pacific. The firm manages over 380 million square feet of property on behalf of its clients, globally. The NAI Global Capital Markets Group serves the largest institutional owners of and investors in commercial real estate.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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