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Turner Grabs 58,000-SF Irvine Biz Building

IRVINE, CA-Newport Beach-based Turner Development Corp. snags the property for $3.5 million. The company may rehab and resell the property, as the current tenant has a short-term lease here.

By Erin Cassin | Updated on January 31, 2002

IRVINE, CA-A 58,000-sf industrial building in the Irvine Business Complex has been acquired by Newport Beach-based Turner Development Corp.

Turner Development Corp. has paid $3.5 million for the property, which is located at 1822 Reynolds. The building is currently 100% occupied by Newport Adhesives and Composites, which has a short-term lease here. “We bought the property at a good price because there is a very short-term lease in place,” says Rusty Turner, president of Turner Development Corp. “We will either renew the tenant or rehab and resell the property,” he adds.

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