Easterly Buys Orange County Office Property
The Class B asset, home to one of U.S. Citizenship and Immigration Services asylum centers, traded for more than $36 million.
Create Tustin
A joint venture between Harbor Associates and Stockbridge has sold Create Tustin, a 66,818-square-foot Class B office building in Orange County, Calif., to Easterly Government Properties for $36.3 million, according to Yardi Matrix. The seller had acquired the asset from Real Estate Capital Partners as one component of a $32.5 million, 211,264-square-foot portfolio deal in 2016.
The transaction is the seller’s second disposition in the past month, following the $17 million sale of a 51,000-square-foot asset next door to Create Tustin.
Located in the Irvine Business Complex at 14101 Myford Road in Tustin, Calif., the two-story building is near the intersection of the Santa Ana Freeway and California Route 261. The building is within a mile of several retail centers, with downtown Tustin 4 miles away. The city’s nearest bus routes and Metrolink station are situated 1 mile south of the property.
The property, built in 1970, was completely gutted in 2005, with additional renovation work in 2017 and earlier this year. The asset is LEED Certified. U.S. Citizenship and Immigration Services operates an asylum center in the building as its sole tenant under a long-term lease which expires in 2034.
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