A suburban office complex outside Tustin, Calif., has sold for $54.55 million. The 200,000 sq. ft. Tustin Commons property was bought by New York City-based Real Estate Capital Partners, which buys properties on behalf of a German fund.
The seller was a joint venture between Broadreach Capital Partners and Stonewood Properties, two-based private real estate firms.
Tustin Commons was the first Southern California acquisition for Broadreach Capital Partners, whose local portfolio includes office properties and land worth more than $300 million.
“This sale is the culmination of a successful repositioning andup of what was a well located, but obsolete suburban office park,” says Broadreach managing director David Simon. “We will continue to aggressively pursue projects like Tustin Commons which afford us a great value-add redevelopment opportunity.”