October 7, 2019 — Newmark Knight Frank (NKF) has announced it has completed the $16.8 million sale of 2642 Michelle Drive at Create Tustin, a 50,832-square-foot, creative office building in Tustin, CA. The asset is fully leased to three tenants – Avid Bioservices (formerly Peregrine Pharmaceuticals), Advantage Sales & Marketing, and GPA Consultants.
NKF’s Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones, Blake Bokosky and Brandon White represented the seller, a joint venture between Harbor Associates and Stockbridge. The buyer, Excelsior Partners, represented itself.
“Create Tustin provides the buyer with a fully repositioned, net leased creative office asset centrally located in Orange County,” said Fulp.
“With a committed in-place tenancy and amenity-rich area, this asset will perform well for generations to come,” added Plummer.
Built in 1980 and renovated in 2017, the two-story building is situated on 2.81 acres and includes approximately 200 parking spaces. The institutional-quality creative office asset features efficient rectangular floor plates, contemporary interior finishes and modern creative office build-outs throughout the tenant spaces.
2642 Michelle Drive is located in the Irvine Business Complex and is proximate to many amenities including The Tustin/Irvine Marketplace and The District at Tustin Legacy with provide more than 225 stores, shops and restaurants.