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Real Estate Partners Purchases R&D Building in Tustin, Calif. for $9 Million and Plans to Spend $3.6 Million on Rehab
Real Estate Partners, Inc. purchased a 75,600-square-foot R&D building in Tustin, Calif. for $9 million and plans to reposition the property and spend $3.6 million in exterior renovations and interior tenant improvements to convert the single-tenant building into a 72,000-square-foot multi-tenant Class B office building. The 4.5-acre property, which was built in 1970, is located in The Irvine Business Complex and was unoccupied at the time of the sale.
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IRVINE, CA — Real Estate Partners, Inc. announced today the purchase of a 75,600-square-foot R&D building in Tustin, Calif. for $9 million. Real Estate Partners plans to reposition the property and spend $3.6 million in exterior renovations and interior tenant improvements to convert the single-tenant building into a 72,000-square-foot multi-tenant Class B office building. The Irvine-based Real Estate Partners is an experienced real estate investment and management services company specializing in the acquisition, repositioning, management and disposition of high-growth properties.
Real Estate Partners has hired John Collins of Voit Commercial Brokerage in Irvine to lease the building. The company currently has a lease out for signature with a 20,000-square-foot tenant and is in the process of final lease negotiations with a real estate services company to take the remainder of the building.
The 4.5-acre R&D property is located in The Irvine Business Complex at 14402 Franklin Avenue in Tustin, near Walnut Avenue. The building, which was built in 1970, was unoccupied at the time of the sale.
“The Tustin acquisition will allow REP to capitalize on the positive trending in the Orange County office market,” says Tom Thompson, president of Real Estate Partners. “Orange County has the lowest vacancy factor nationwide for suburban office markets.”
Chief Executive Officer of Real Estate Partners Dawson Davenport added, “We have extensive experience in the renovation of existing office, retail and industrial buildings, and apartment complexes.” In the last three years, Real Estate Partners acquired over $500 million in assets nationwide and continues to seek more value-added opportunities in all property types in major markets and sub-markets across the country.
Real Estate Partners represented itself in the purchase on behalf of REPFund Franklin LLC. Andy Friedman of Industrial Properties in Tustin represented the seller, a private investor based in Orange County. Equity and financing was provided by Dan Blanck and Jason Krupoff of GMAC Commercial Mortgage in Irvine.
About Real Estate Partners
Real Estate Partners, Inc., based in Irvine, CA, is a privately held real estate investment services firm specializing in the acquisition, repositioning, management and disposition of high-growth properties, including multifamily, retail, office and industrial. Real Estate Partners offers unique opportunities to individual and group investors and 1031 exchanges requirements. The principals and officers of Real Estate Partners are creative, experienced commercial real estate investment and finance professionals who are dedicated to maximizing investor value through strategic acquisitions, key partnerships and a suite of management services. Currently, Real Estate Partners’ owns and manages $475 million in real estate assets, including approximately 5,500 multifamily units and 500,000 square feet of commercial property. The firm also holds a majority interest in Real Estate Partners Asset Management Services, Inc. and REP Commercial, Inc., a full-service brokerage firm. For more information, call 877-986-1700 toll-free or visit www.realestatepartnersinc.com.
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CONTACT:
Thomas E. Thompson, President
Real Estate Partners, Inc.
949.585.7615
tom.thompson@realestatepartnersinc.com
Send an email to Anne Monaghan of Monaghan Communications
949-722-2933
Keywords:
Real Estate Partners, office building
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