The building once housed the Laguna Cookie Co. bakery, which also owned the property. The owner of the cookie compnay later sold the property to a biscuit maker that has since moved to Santa Ana, Calif., Dave Desper of CB Richard Ellis tells GlobeSt.com. Desper and CB's Linda Barden represented the seller and have the leasing assignment for the building, while Scott Smith of CB represented the buyer.

Desper tells GlobeSt.com that the new owner bought the building as a long-term hold and is marketing it as equally suitable for either a warehouse operation or as a food processing company. The building, which includes 3,500 sf of office space and 3,400 sf of mezzanine space, has FDA approval and special features like in-floor drains to accommodate food processing operations, Desper says.

The newly landscaped and repainted building is on a 2.5-acre parcel with a parking ratio of two per 1,000 sf, one ground-level loading dock and three dock-high loading positions with room for more. The Tustin location is near the Costa Mesa (55), Santa Ana (5) and San Diego (405) freeways and the Route 73 Corona del Mar / San Joaquin Hills transportation corridor, as well as the Foothill (241) and Eastern (261) transportation corridors.

Desper notes that the buyer acquired the property in a 10-31 exchange, adding that many 10-31 buyers these days are encountering considerably more competition from investors who are leaving the stock market in favor of real estate.

"We're seeing a heavy influx of people going from stock market to real estate," Desper tells GlobeSt.com. The influx of former stock market investors "is making it more competitive for the 10-31 buyers than it used to be," and is gradually pushing prices up, he says.