NKF Brokers $16.8M Sale of Creative Office Building in Tustin, California
TUSTIN, CALIF. — Newmark Knight Frank (NKF) has brokered the sale of 2642 Michelle Drive at Create Tustin, a creative office building located in Tustin. A joint venture between Harbor Associates and Stockbridge sold the asset to Excelsior Partners for $16.8 million.
At the time of sale, the 50,832-square-foot property was fully leased to Avid Bioservices (formerly Peregrine Pharmaceuticals), Advantage Sales & Marketing and GPA Consultants. Built in 1980 and renovated in 2017, the two-story building is situated on 2.8 acres within the Irvine Business Complex. The asset features efficient rectangular floorplates, contemporary interior finishes and modern creative office build-outs, as well as approximately 200 parking spaces.
Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones, Blake Bokosky and Brandon White of NKF represented the seller, while the buyer was self-represented in the transaction.