A 120,000-square-foot, single-tenant office building in Tustin has sold for $91 million, according to JLL Capital Markets.
The building is leased to the county through 2047. It sits on nearly 6 acres at 1382 Bell Ave. near the city’s 1,600-acre Tustin Legacy master-planned community.
JLL advised the sellers, a joint venture between SteelWave and their institutional investor. The buyer was not identified.
The JLL Capital Markets team representing the seller included Blake Bokosky, Mark DeGiorgio, Michael Leggett, Adam Lasoff, Patrick Burger and Makenna Peter.
Duke Realty eyes industrial project after buying Los Al site for $77M
A 10.7-acre industrial site in Los Alamitos has been sold to Duke Realty for $77.2 million, according to Cushman & Wakefield.
The property includes several multi-tenant buildings on eight parcels, according to the brokerage, which declined to provide specifics. A representative would only say the portfolio was near Katella Avenue and Bloomfield Street.
Duke Realty bought the property from Don Wilson Builders as an investment and plans to redevelop the site as a Class A industrial project.
“This industrial site is strategically located on the border of Los Angeles and Orange County, convenient to the busiest port complex in North America, an extensive freeway network, two major airports, and a massive population center,” according to Cushman & Wakefield.
Kyle McGillen and Rick Ellison represented Duke Realty in the transaction.
Industrial building in Santa Ana sells for $8.6M
Lee & Associates in Orange has sold a 9,780-square-foot industrial building on 2.54 acres in Santa Ana for $8.6 million.
The property at 2506 South Harbor Blvd. is gated and has about 2,000 square feet of outdoor work area.
Greg Diab and Jack Haley, principals of Lee & Associates represented the unidentified buyer.
MCA adds 2 more industrial deals to its $50 million growth fund
MCA Realty in Santa Ana has completed its ninth and tenth acquisitions in the MCA Realty Industrial Growth Fund LP, buying an industrial portfolio in Sacramento and a multi-tenant industrial building in Salt Lake County, Utah, for a combined $13.8 million.
Tyler Mattox, a principal at MCA Realty, said the Sacramento and Salt Lake County properties were the first properties acquired by the firm in those submarkets.
The firm has expanded into new markets since deploying the growth fund at the end of 2021, Mattox said. The $50 million fund, raised in just three months, has been used to acquire 10 properties to date.
In the latest deals, MCA bought three industrial properties for a combined 82,565 square feet in Sacramento for $10.2 million. It also bought an 18,240 square-foot multi-tenant industrial building in West City Valley, Utah, for $3.6 million.
“We have targeted the Salt Lake area as a desirable location for expanding our industrial footprint,” Mattox said.
Jack Samuelson, a noted developer of campus and medical buildings around Southern California, died July 17. He was 97.
Samuelson and brother Robert “Bob” Samuelson formed the general contracting firm Samuelson Brothers in 1946.
Among their big projects were campus buildings at USC, Cal Lutheran University and Occidental College. At Cal Lutheran, projects included the residence halls, Orville Dahl Centrum, Peters Hall and locker room additions.
At OCC, the company built many buildings and completed several renovations on campus, including Booth Hall, Herrick Memorial Chapel, Rush Gymnasium, Keck Theater, an art gallery and a pavilion and alumni center that each bear Samuelson’s name.
Samuelson Brothers, now Samuelson Partners, also built La Cañada Presbyterian Church.
Jack’s brother died in 2008 from mesothelioma cancer.
“His impact was immediate, significant, and long-lasting, and his commitment to affordable housing, in particular, had profound impact,” said John H. Cochrane, III, president and CEO of HumanGood, a California-based nonprofit that builds affordable housing. senior housing in six states.
Jack and Bob also co-founded Beacon Housing, a faith-based housing provider. Their two families would later create the Samuelson Charitable Foundation, which supported church-related agencies.
Samuelson is survived by his children and their spouses, including Reid and Joyce (Todd) Samuelson; Chuck and Lisa (Samuelson) Paugh; Kevin and Laura (Samuelson) Murphy; and David and Michelle (Allen) Samuelson.
Contributions in memory of Jack may be made to Beacon Housing, 5000 Edenhurst Ave., Los Angeles, CA 90039, or go to BeaconHousing.org.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at [email protected] Please allow at least a week for publication. All items are subject to editing for clarity and length.