Northpointe Office Park Sells for $21.5 Mil

TUSTIN, CA-Tustin’s Northpointe Office Park has changed hands in a recent transaction valued at $21.5 million.

The three-building complex stands at 15621-15661 Redhill Ave. Encompassing 138,591 sf, the project was 94% occupied at the time of sale. The property title is now held by JS Northpointe LP, a single-purpose entity owned by the John R. Saunders Trust.

The buyer, real estate investor John R. Saunders, was represented by Gregg Herbert and Jeff Hanson of Grubb & Ellis’ Newport Beach office. Herbert and Hanson also spoke for the seller, Hartford, CT-based UBS Realty Advisors.

The Tustin office sector has experienced a negative net absorption of 3,477 sf for the first three quarters of 2001. The third quarter finished up with a direct vacancy rate of 6.7% and a sublet vacancy rate of 0%. Out of an inventory of 234,159 sf, more than 15,690 sf stood vacant at the end of the third quarter.