Harbor Associates, LLC (“Harbor”) has recapitalized Tustin Corporate, a 43,517 square foot office building located at 18302 Irvine Blvd in Tustin with Muirfield Investment Partners (“Muirfield”). Harbor acquired the asset through a distressed on-line auction bid process from an out of state special servicer. This transaction marks the eighth value-add office acquisition for Harbor in the last two years. The acquisition enhances Harbor’s existing footprint in Orange County and builds the portfolio to 7 buildings across 5 different projects and represents the firm’s third acquisition in Tustin where they own close to 300,000 SF.
Harbor is planning to reposition the asset through a comprehensive rebranding and renovation program that includes cosmetic upgrades to the exterior of the building, upgrading lobbies and restrooms, installing new creative office spec suites and including new outdoor seating spaces. As part of the repositioning the project will be rebranded ‘The Bricks’, and ode to the authentic brick architecture the project features on throughout the building exteriors and common area lobby. The office asset will showcase 15’ foot first floor ceiling heights, authentic brick architecture and private patios for individual tenants on the 3rd floor.
The property is located on a prominent hard corner in Tustin and within ¼ mile of Old Town Tustin which features a street of historic buildings that date back to the 1880s and is home to many of Tustin’s most popular restaurants and retail destinations. Within one mile of the property there are ten health clubs, three grocery stores, two banks, six hotels and over 130 restaurants.
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