A pair of Tustin buildings just off the Santa Ana (5) Freeway, along Michelle Drive, have sold in separate transactions for a combined price of $45.7 million.
The two properties, at 2441 Michelle Drive and 2642 Michelle Drive, are on the opposite side of the freeway at the Market Place shopping center.
The larger building at 2441 Michelle traded for $245 per square foot, while the recently renovated creative office building at 2642 Michelle went for about $330 per square foot, in unrelated sales.
Canon HQ
EverWest Holdings and Bantry Holdings sold the 117,805-square-foot industrial/R&D building at 2441 Michelle Drive for $28.9 million. The fully leased property serves as the domestic headquarters for Canon Medical Systems USA, formerly Toshiba Medical Systems.
The medical device maker, the 11th-largest in Orange County, has occupied the building since shortly after it was developed in 1983. It’s expected to remain in the building for the long term.
“The sellers felt it was the right time to sell as it was rightsizing its portfolio,” said Paul Jones, an executive managing director from Newmark Knight Frank’s Newport Beach office, who brokered the deal on behalf of the sellers.
The new owner is Mitchell Co., known as a large national industrial buyer with assets spread across the country, according to NKF officials.
The property sits on nearly 6 acres; marketing materials suggest additional development on about 2 acres of the property is possible.
Create Tustin
Newmark Knight Frank also represented the seller in the Create Tustin building sale, a joint venture between Harbor Associates of Long Beach and San Francisco-based Stockbridge Capital Group.
The 50,832-square-foot creative office building was bought by Los Angeles-based Excelsior Partners, a real estate investment firm, for $16.8 million.
The building is fully leased to three tenants: Avid Bioservices Inc., Advantage Sales & Marketing, and GPA Consultants.
Located a few blocks from 2441 Michelle Drive, the two-story office was built in 1980 and renovated in 2017.
