1382 Bell. Image courtesy of JLL

A partnership between SteelWave and their institutional investor has sold 1382 Bell, a 120,000-square-foot flex office property in Tustin, Calif., for $91 million or $758 per square foot. The County of Orange acquired the building, with the South Orange County Public Financing Authority financing the acquisition through Series 2022 Bonds, public records show.

JLL Capital Markets worked on behalf of the seller, which previously purchased the asset back in 2019 for $25.1 million, according to CommercialEdge data.

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Completed in 1976, the property spans almost 6 acres and encompasses a two-story Class A building with high-end finishes, ample window lines and ceiling heights, as well as secured parking. The Orange County Sheriff’s Department occupies the entire asset, according to the same data provider.

Located at 1382 Bell Ave., the property is less than half a mile away from U.S. State Route 55 and within 2 miles of Interstate 5, connecting all of Orange County. Several retail and dining options, including The District at Tustin Legacy shopping center and Target, are some 2 miles southeast of the building.

Senior Director Blake Bokosky, Director Mark DeGiorgio, Senior Managing Director Michael Leggett, alongside Managing Directors Adam Lasoff and Patrick Burger and Associate Makenna Peter, were part of the JLL team that facilitated the transaction.

Office investment on the rise

Los Angeles is one of the major metros where office investment activity has been strong. Earlier this year, Kingsbarn Realty Capital purchased Stadium Crossings, a 106,068-square-foot property in Anaheim, Calif., for $31.5 million, while a partnership between LPC West and TriGate Capital acquired The Square on Main, a 420,000-square-foot property in Orange, Calif., for $97.2 million.