Torrance, CA – May 31, 2012 – (RealEstateRama) — Coming on the heels of a recently closed sale for another local distressed office on Red Hill Ave., Lee & Associates, one of largest broker-owned commercial real estate firms in the country, has closed a $9 million office sale for Pointe Red Hill in Tustin, Calif.
Lee & Associates’ Irvine office represented both sides of the deal. Kurt Bruggeman and Brian Garbutt represented the seller, Lone Oak Red Hill, LLC while Phil Cohen represented the buyer, 15101 Red Hill Partners, LLC.
According to Bruggeman, the buyer was interested in the high quality of the building as well as with the attractive seller financing opportunity. The seller foreclosed on the property in February 2010 and was motivated to sell and get back to their core business of lending. The buyer is well capitalized and is prepared to invest the money necessary to attract a high-quality tenant to the building.
“Distressed office buildings are attracting significant demand as fundamentals have been improving over the last 6 to 12 months. Although there is significant vacancy in the market, it is becoming more challenging to find large blocks of space (40,000-50,000 square feet and above) for tenants,” said Bruggeman. “This property can accommodate one large 50,000-square-foot user or is divisible to spaces as small as 5,000 square feet. The ownership has commenced a renovation program to get the building prepared for any new tenants in the market.
Located at 15101 Red Hill Ave., the 48,772-square-foot property was built in 1990 and is accessible through the 5, 55 and 405 freeways. The building boasts high visibility signage, three IT rooms with supplemental HVAC and parking with reserved, gate, subterranean and elevator-served stalls. Nearby retail amenities include Gateway Village, Tustin Legacy and The District in addition to a 10-minute drive from John Wayne Airport.
About Lee & Associates
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 46 locations across the nation including Arizona, California, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
