Joint venture lands office complex

Buyers plan remodel for SoCal property
Published on Aug 2, 2004

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 Stonew...

Comments