The Koll Company has acquired a 77,000-square-foot flex building at 1361 Valencia in Tustin, California, from an undisclosed buyer for an undisclosed amount. The two-story building offers office/R&D space, plus 20,000 square feet of high-bay warehouse space including two dock-high loading doors.
Koll has begun major renovations on the property, which is adjacent to the Irvine Business Complex, with a total capital investment of greater than $4 million to upgrade the building for a new prospective tenant. The transformation will include enhancements to the exterior, new landscaping, signage, common-area amenities, and tenant improvements.
Scott Meserve, a principal with The Koll Company, says the renovation will provide the level of modern building amenities that company owners and employees expect in today’s market. Regarding the acquisition, he says, “It’s a strategically located building with significant potential, and we’re excited to add it to our Orange County portfolio.”
Meserve says the building — which has been vacant since the end of the year — is only one of a handful of opportunities available in the market and is ideal for single tenants who require a mix of office/R&D and warehouse space.
The building provides easy access to the 5, 405, and 55 freeways and also benefits from nearby community amenities, including The District at Tustin Legacy, which features 1 million square feet of stores, restaurants, and services.
Mike Long of Lee & Associates represented the seller. Mike Hartel, Joe Winkelmann, and Nick Velasquez with Colliers International represented The Koll Company. California Bank & Trust completed a bridge loan for the transaction.