JLL completes $36.2M sale of single-tenant GSA building
The recently renovated asset is positioned in an amenity-rich submarket in Orange County
NEWPORT BEACH, Calif., November 14, 2019 – JLL announced today that it has closed the sale of 14101 Myford Road, a 66,818-square-foot, single-tenant office building in Tustin, California
JLL marketed the property on behalf of the seller, a joint venture between Stockbridge, on behalf of a separate managed account, and Harbor Associates. A public GSA REIT purchased for the property for $36.2 million, which translated to $542 per square foot.
Recently renovated in 2019, 1401 Myford Road is a two-story, LEED certified building that is fully leased to the General Services Administration (GSA) / U.S. Citizenship and Immigration Services, a division of the U.S. Department of Homeland Security. The property is positioned on a 4.6-acre site near the intersection of Interstate 5 and Route 261, which provides connectivity to the neighboring areas of Orange County, Los Angeles and the Inland Empire. The amenity-rich location boasts more than nine million square feet of retail space within a three-mile radius. Additionally, 14101 Myford Road is close to Tustin Legacy, Orange County’s most active master-planned development housing 1,600 acres with development underway for 6,800 residential units, lifestyle and community retail, creative office space, schools, community centers, parks and walking trails.
The JLL Capital Markets team representing the seller was led by Derek Landry, Mark DeGiorgio, Nick Foster and Michael Leggett.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Stockbridge is a real estate investment management firm headquartered in San Francisco, California, with offices in Atlanta and Chicago. The firm’s portfolio is comprised of assets across the risk spectrum, spanning all major property types throughout the United States. As of September 30, 2019, the firm’s assets under management totaled approximately $15.7 billion. stockbridge.com
Harbor Associates (“Harbor”) specializes in acquiring, renovating, and leasing commercial properties throughout Southwestern US markets. Harbor aims to generate superior risk-adjusted returns by sourcing acquisitions both on and off market and utilizing design expertise to create a differentiated product that meets the demands of today's sophisticated tenants Since 2015, Harbor has acquired over 3.4 million square feet of office, flex and retail space in quality submarkets throughout Los Angeles, Orange County, San Diego and Denver.