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1 | Centurion Plaza | Offering Memorandum
PRIME AIRPORT AREA VALUE ADD INVESTMENT OPPORTUNITYCENTURION PLAZA15621 • 15641 • 15661 RED HILL AVENUE TUSTIN, CAin
Investment Overview
THE INVESTMENT
Lee & Associates - Irvine, Inc. is pleased to present the opportunity to acquire a ±80% leased investment consisting of three (3) 2-story office buildings totaling ±139,178 square feet. The buildings are located in the heart of Tustin with easy access to the 5, 405 and 55 Freeways.
PROPERTY FACTS
Address: 15621-15641-15661 Red Hill AvenueTustin, California
Rentable Building Area: ±139,178 Square Feet
Land Area: ±268,330 Square Feet(±6.16 Acres)
2019 Pro-Forma NOI: $1,914,114
Current Percentage Leased: ±81%
INVESTMENT HIGHLIGHTS
Central Location & Superb Regional Access - The buildings offer immediate access to the 55 and 5 Freeways as well as the 405 Freeway, which provides easy access to all of Orange County.
Amenities - The Property is located just minutes from The District at Tustin Legacy and has access to The Market Place in Tustin located at Jamboree and the 5 Freeway.
Parcel Map - The Owner processed a tentative parcel map to allow the investor the flexibility of a user sale along with investment sale.
Value Add Component - With 81% occupancy and below market rents, the buyer will have the opportunity to reposition the buildings and lease up at elevated rents to increase the NOI and create value.
Discount to Replacement Cost - The building can be purchased at a significant discount to replacement cost of approximately $54M.
Recent Renovation - The Owner renovated all three core areas with new lobby flooring, stainless steel/glass stair railings, new restrooms and new common area doors.
PROPERTY SPECIFICATIONS
Address 15621 • 15641 • 15661 Red Hill Avenue
Location Tustin, CA
County Orange
Assessor’s Parcel Number 430-233-19
Rentable Building Area ±139,178 Square Feet
Land Area ±268,000 Square Feet (±6.16 Acres)
Stories Two (2)
Number of Buildings Three (3)
Parking
3.9:1000 Ratio546 Stalls
• 165 Structure• 371 Surface• 11 Handicap
Year Built 1985 / Lobby Renovation 2015
Zoning PC - Ind/Bus
Construction Steel Frame / Concrete Tilt-Up
Exterior Walls Tilt-Up Concrete Panels with Reflective Glass Panels
Roof Cover Flat Roof with a Built-Up Composition Covering
Floor StructureGround Floor: Concrete Slab on Compacted FillOther Floors: Metal Deck with Light-Weight Concrete Cover
HVACEach Building has Package Units (Approx. 1/3 New and 2/3 Original Equipment)
Property Description
SITE PLAN
15641 Red Hill Avenue50,311 SF
15661 Red Hill Avenue47,782 SFFi
tnes
s &
Co
nfer
ence
Cen
ter
15621 Red Hill Avenue41,085 SF
*Currently the property is on one parcel.
Exclusive Agents: KURT BRUGGEMAN, CCIM RYAN SWANSON PHIL COHENSenior Vice President Senior Vice President Senior Vice PresidentLicense ID# 01264501 License ID# 01474192 License ID# 01156287(949) 790-3125 (949) 790-3155 (949) 790-3160kbruggeman@leeirvinecom [email protected] [email protected]
