US Bancorp sold a distressed office portfolio of 15621, 15641, and 15661 Red Hill Ave. in Tustin, CA to Centurion Plaza LLC for $13.5 million, or about $97 per square foot, in an REO sale.
The office park was just 25 percent leased at the time of sale. The buildings were sold well below replacement cost, and the deal had been in the works for about two years due to receivership and foreclosure issues. The properties transferred with deferred maintenance including renovations to the roof and HVAC systems.
The new owner has marketed the properties for sale, as well as office space for lease
Pat Scruggs, Anthony DeLorenzo, Gary Stache and John Read with the Private Client Group at CBRE, along with Steven Hogberg at Coreland Companies, represented the seller. Kurt Bruggeman and Ryan Swanson at Lee & Associates represented the buyer.
Please see CoStar COMPS #2295040 for additional information on this transaction.