Broadreach Capital Partners, in joint venture with Stonewood Properties, has acquired its first Southern California asset, a vacant 200,000-square-foot suburban office complex in Tustin, Calif.

The value of the transaction was approximately $17 million.

Tustin Commons is comprised of three two-story office buildings ranging in size from 51,000 square feet to 93,000 square feet and is located west of Interstate 5 near Jamboree Road. The joint venture plans to invest an additional $20 million to reposition and expand the asset into a class A office and R&D campus.

Construction will begin immediately on modernizing the two smaller buildings at 14101 Myford Road and 2642 Michelle Drive, which will include a new concrete and reflective green glass curtain wall, advanced communication infrastructure, new HVAC, and updated interiors that can be suited to a tenant’s needs. Both buildings are scheduled for second-quarter 2005 occupancy.

Broadreach’s partner, Newport Beach-based Stonewood Properties, will oversee the day-to-day management, leasing, and construction activity on the Tustin Commons project.

John Collins of Voit Commercial represented Broadreach and Stonewood in the transaction, while the seller, a group of private San Diego based investors, were represented by Dave Desper of CB Richard Ellis and Jeff Chiate of Cushman and Wakefield.

***

What’s your opinion? Send your Letter to the Editor to newsroom@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
New January Connect speakers added: M. Ryan Gorman, Josh Team, Glenn Kelman and more.SEE THE SPEAKERS×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription