SteelWave JV Sells 120,000 SQFT Office Building in Tustin for $91MM

JLL, Tustin, Orange County, SteelWave, 1382 Bell

NEWPORT BEACH, Calif. – August 2, 2022 – JLL Capital Markets announced today that it has closed the $91 million ($758 per square foot) sale of 1382 Bell, a 120,000-square-foot, single-tenant flex office building in the Orange County community of Tustin, California.

JLL advised the sellers, a joint venture between SteelWave and their institutional investor.

1382 Bell Ave. is positioned on a 5.97-acre site adjacent to the 1,600-acre Tustin Legacy master-planned community and close to the District at Tustin Legacy, which boasts more than 80 retail stores and restaurant offerings. The property has a core location with convenient access to three major freeways, State Route 55 and the 5 and 405 Freeways linking the site to all of Orange County and Southern California.

1382 Bell offers two stories of Class A, flex office space with generous window lines and ceiling heights, high-end finishes and ample surface and secured parking. The County of Orange leases the entire facility on a long-term basis through 2047.

The JLL Capital Markets team representing the seller was led by Senior Director Blake Bokosky, Director Mark DeGiorgio, Senior Managing Director Michael Leggett, Managing Directors Adam Lasoff and Patrick Burger and Associate Makenna Peter.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

About SteelWave

SteelWave is a privately held full-service creative life science, creative office, and industrial real estate management firm. They operate in Northern California, Southern California, Denver, Seattle, Portland, Austin, and Phoenix. Since inception, SteelWave has acquired, developed, entitled or managed 1,500 multifamily units, 61.3M SF of industrial product and 38.45M SF of office product across their Western United States target markets at a combined cost of over $11.8 billion.To learn more, please visit: steelwavellc.com.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.