Sagard Real Estate has sold a five-building office campus in Tustin for $27.5 million.
The unit of Denver-based Sagard led by Rick Stone sold the 185,000-square-foot Tustin Financial Plaza at 17772, 17782, 17822, 17852 and 17862 East 17th Street, the Orange County Register reported. The buyer was undisclosed.
The deal works out to $149 per square foot. CBRE’s Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Greg Sullivan represented Sagard in the sale. In a statement, DeLorenzo said the sales team received 22 offers for the property.
Sagard, known until last year as EverWest Real Estate Investors, bought the office campus in 2006 for an undisclosed price.
The Tustin Financial Plaza, built in 1973 at 17th and Prospect Avenue, features a “late modern/new formalist” design, with long columnar windows set between vertical slabs.
The buildings were 70 percent occupied at the time of sale.
Sagard said it sold the two-story campus as part of a broader strategy to reduce its office portfolio and focus on industrial and multifamily investments.
Sagard Real Estate, founded in 1997 as EverWest Real Estate Investors, has $4.7 billion in assets under management, with offices in New York, Charlotte, Austin, Los Angeles and San Francisco.
— Dana Bartholomew
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