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| 103,000-SF AIRspace Building, 15771 Red Hill, Tustin, CA |
SAN DIEGO, CA – – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged financing on behalf of SteelWave to acquire AIRspace, a 103,000-square-foot, high-identity, creative office asset located in Tustin, California.
HFF placed the acquisition and renovation loan with a bank.
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| Olga Walsh |
Located at 15771 Red Hill, AIRspace is positioned within the Greater Airport Area submarket in the burgeoning Red Hill Corridor.
The property benefits from convenient access to the Newport Beach Freeway (SR-55), providing exceptional access to the Santa Ana (Interstate 5) and San Diego (Interstate 405) Freeways.
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| Pat Burger |
Additionally, AIRspace is close to John Wayne International Airport and positioned in an amenity-rich environment featuring numerous dining establishments, boutique shops and a one million-square-foot retail center.
Previous ownership recently renovated the project with more than $5 million in major improvements, including new punched-in windows/skylights, new HVAC units, lobby and exterior renovations, landscaping enhancements, a 16,000-square-foot exposed steel-frame structured mezzanine and overhead doors which open to a 3,000-square-foot outdoor amenity area.
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| John Marshall |
SteelWave intends to further improve the space by expanding the lobby and central corridor to better suit the project for multi-tenant purposes.
During due diligence, SteelWave signed a 78,000-square-foot lease with Tricon American Homes, one of the fastest growing residential companies in the country.
Additionally, SteelWave is negotiating leases with a retail tenant for the remainder of the project, which will include a 15,000-square-foot distillery and tasting room and a 3,000-square-foot coffee roaster and café.
The HFF debt placement team representing the borrower was led by managing director Pat Burger and directors John Marshall and Olga Walsh.
Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
CONTACTS:
PAT BURGER
CA Lic. #01820848
HFF Managing Director
(858) 552-7690
KRISTEN MURPHY
HFF Director, Public Relations
(617) 848-1572
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