iCrowd Newswire - Oct 15, 2020
Real estate investment firm Cress Capital today announced the sale of an office building in Tustin, Calif., by one of its affiliates. Cress was represented by Anthony DeLorenzo of CBRE while the buyer, Padma Laxmi, LLC, was represented by Richard Schwartz of Colliers and Jim DeRegt of Lee & Associates.
The City of Tustin is centrally located within Orange County’s business community, alongside a well-established technology corridor that has grown to cement Orange County’s reputation as the “Technology Coast.” The property is near Tustin Legacy, a 1,600-acre master-planned redevelopment of the old Marine Corps Air Station.
Built in 1979, the two-story property located at 2742 Dow Avenue totals 51,588 square feet and sits on a 2.8-acre site. The property is 100% leased to MemorialCare Health Services, a large regional health system, under a long-term lease. Earlier this year, MemorialCare opted to sublease the building.
“We were attracted to this property as a long-term, cash-flowing investment with a high-credit tenant,” said Cress Managing Partner Ryan Parkin. “With MemorialCare vacating and market disruptions due to COVID-19, we reevaluated our investment plans and chose to exit earlier.”
“Knowing when to exit a property is as equally important as making the decision to buy,” added Cress Managing Partner Tom Parnell. “We were pleased to achieve this successful exit during a challenging time.”
Cress currently owns and manages a portfolio of 1.7 million square feet of office and industrial in Southern California and Colorado. Cress is actively looking for additional acquisitions, focusing on well-located and well-positioned office and industrial properties in the Western U.S.
ABOUT CRESS CAPITAL
Headquartered in Newport Beach, Calif., Cress Capital is a rapidly growing commercial real estate investor. Formed in 2012, Cress specializes in the acquisition of primarily office and industrial properties in the Western U.S. At its core, Cress believes that superior risk-adjusted returns are achieved by acquiring mispriced assets, adding value and knowing when to sell. For more information, visit www.cresscapital.com.