Irvine, CA – NAI Capital Commercial is pleased to announce that Executive Vice President David Knowlton, SIOR, CCIM, and Senior Vice Presidents Kirby Greenlee and Mariko Beaver completed a 75-year ground lease for 1.44 acres at South Orange County Community College District ATEP campus in Tustin, California. David, Kirby, and Mariko represented the landlord, South Orange County Community College District. The transaction was valued at $27.3 million.
The South Orange County Community College District (SOCCCD) Board of Trustees approved the ground lease with PJRJPA Venture LLC to build a Goddard School on the District’s Advanced Technology and Education Park (ATEP) located in the Tustin Legacy area. The primary period of the ground lease is for 75 years, with a one-time right to extend the primary period of the lease for an additional 24 years, for a total of 99 years.
The ground lease approval kick-starts the construction of a 14,400 square foot educational preschool with ancillary childcare services, outdoor play areas, a parking lot, and associated infrastructure improvements. The project site consists of 1.44 acres within the approximately 61.4-acre ATEP site. The school is planning to open Fall 2023.
“The Goddard School has a great reputation of being an exemplary educational environment for infants, toddlers, and young children before entering kindergarten,” said SOCCCD Chancellor Julianna M. Barnes,Ed.D. “Given the childcare needs that have increased as a result of the pandemic, the Board of Trustees proudly supported an additional early childhood education facility option in the area for families.”
The presence of the Goddard School adjacent to the community college campus will provide opportunities for learning and development for both the children in attendance and the community college students. With proximity to shopping, transportation, and medical services, the Goddard School is primed to be an accessible location that can address vital childcare needs for Tustin and surrounding areas for years to come.
Kirby said, “The Goddard School focuses on early childhood development and will be an important partner at ATEP for the parents involved with the SOCCCD as well as the surrounding communities.”
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NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.