Joint venture dumps Tustin Commons

Asset sold for well above purchase price

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Broadreach Capital Partners and joint venture partner Stonewood Properties have sold Tustin Commons, a 200,000-square-foot suburban office complex in Tustin, Calif. The value of the transaction was $54.5 million. New York-based Real Estate Capital Partners, on behalf of American Fund OIK, a full-service real estate investment adviser for German institutions, purchased the property. 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 The Broadreach-led partnership acquired the then-vacant and outdated property in July 2004 for nearly $17 million and after an extensive renovation program signed communications and aviation electronics company Rockwell Collins to a 10-year lease for the entire office complex. Tustin Commons was the first Southern California acquisition for Palo Alto-based Broadreach Capital Partners, whose local portfolio includes office p...