After selling a building in Costa Mesa, California, in 2017, local partnership Lakeshore Enterprises has now completed a 1031 exchange by purchasing a Class-A, multi-tenant, industrial/R&D flex project with an added single-building retail pad. The project, based in the Pacific Tustin Commercenter, is located at 1421-1481 Edinger Avenue in Tustin, California, and was purchased in an all-cash transaction from an undisclosed seller for $8.5 million.
Colliers International SVPs Chuck Wilson and Jon Thys represented Lakeshore, while Wilson and Colliers first VP Brian Chastain represented the undisclosed seller. All Colliers executives involved in the transaction are based in the firm’s Orange County office in Irvine, California.
Located at the signalized corner of Edinger and Red Hill Avenues, the 69,930-square-foot Pacific Tustin Commercenter features an exterior glass line and 24-foot minimum warehouse ceilings, with approximately half of the individual units reserved for office space on its second level.
“The property’s flexibility for users, strong occupancy of upwards of 90 percent, and a rent profile that is stellar were all very attractive to Lakeshore,” says Wilson. “Another key factor was location and its prime location in one of the Orange County’s strongest metropolitan regions.”