SteelWave sells Tustin office building for $91M

Asset leased to Orange County through 2047

SteelWave's Barry DiRaimondo with 1382 Bell Avenue (LinkedIn, JLL)
SteelWave's Barry DiRaimondo with 1382 Bell Avenue (LinkedIn, JLL)

A Denver investor has sold a 120,000-square-foot office building in Tustin for $91 million.

SteelWave, in a joint venture with an unnamed investor, sold the two-story building at 1382 Bell Avenue, the Orange County Register reported. The buyer was not identified.

The sale price comes out to $758 per square foot.

The single-tenant building, on 6 acres near the city’s 1,600-acre Tustin Legacy community, is leased to Orange County through 2047.

Blake Bokosky, Mark DeGiorgio, Michael Leggett, Adam Lasoff, Patrick Burger and Makenna Peter of JLL Capital Markets represented the seller.

The deal comes on the heels of another major transaction in Tustin.

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Last month, Rivian Automotive, the largest electric vehicle maker in Orange County, leased a 219,000-square-foot building in Tustin, the second largest local industrial lease this year. Financial terms were not disclosed.

Sprouts Farmers Market, based in Phoenix, leased a 337,000-square-foot warehouse at a new industrial campus in Fullerton, which holds the year’s No. 1 lease in terms of square footage. Again, financial terms were not disclosed.

In nearby Irvine, MetLife and PGGM closed the biggest office deal in OC this year with the June purchase of a nearly 500,000-square-foot office campus for $235 million.

In February 2021, SteelWave and Invesco Real Estate signed a defense tech firm to a 640,000-square-foot lease at a newly built office complex in Costa Mesa, one of the largest leases ever in OC.

– Dana Bartholomew

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