A mixed-use site totaling 44,123 square feet has hit the market in Tustin with a $20 million asking price, or about $453 per square foot. Listed by Topside Real Estate, the property is fully occupied by two long term tenants and offers a mix of both retail and industrial space.
The mixed-use building is located at 15501 Red Hill Avenue and reaches two stories. Built in 1984, the property last traded hands in 2019 when it was acquired by Irvine-based Stein Holdings for an undisclosed amount, according to public records.
Current tenants at the building include TAPS Brewery, which occupies about 44 percent of the property, and Schaerer USA, which occupies the remaining 56 percent of the building. Together, both tenants provide a net operating income of $985,584 per year.
Located in the heart of Tustin, the property is easily accessible by Interstate 405 as well as the 55 Freeway. The property is also in close proximity to the John Wayne Airport and a large number of commercial office complexes, including the Irvine Business Complex, Brookhollow Business Park and the Skypark Business Center.
The property is also part of the developing Tustin Legacy, a 1,600-acre planned community. Once completed, the project will include more than 9 million square feet of commercial development, 4,600 residential units and several parks.
“Today, Tustin Legacy is home to exciting new restaurants and retail, various neighborhoods, open space and parks, historic memorials, and plans for dynamic, forward-thinking business environments. Even now, there still remain hundreds of acres to be developed,” the offering memorandum states.
