TUSTIN, CA—CBRE has closed on the sale of Tustin Executive Center, a 90,932 square-foot, four-story office building located here.
Deutsche Asset & Wealth Management purchased the building from an undisclosed institutional seller for approximately $20.4 million. The building sold at an attractive cap rate and nearly $225 per square foot. CBRE's Paul Jones, Bob Smith, Gary Stache and Anthony DeLorenzo represented the seller in the transaction. The property is located at 17542 East 17th St.
“There is currently a lack of quality stabilized office product available for sale throughout Orange County. Tustin Executive Center is a high quality, well-leased, competitive asset that will continue to benefit from its unique location and improving market fundamentals,“ says Jones.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
