ValueRock Realty Acquires a Medical Office in Tustin for $18M
IRVINE, Calif., February 2023 – ValueRock Realty, one of the nation's leading real estate investment and operating companies has acquired the 45,771-square-foot Tustin Medical Arts Center located at 1101 Bryan Ave, 13362 Newport Ave, 13372 Newport Ave, 13422 Newport Ave, Tustin, CA for $18 million. Tustin Medical Arts Center presented an opportunity to acquire value-add medical offices on 3.89 acres of land. The property was neglected by the previous owner. ValueRock saw an opportunity to renovate the exterior of the buildings, to replace the landscape and signage to attract new tenants and provide for a more pleasant experience for customers.
The property is situated in the heart of Tustin with close proximity to multiple shopping centers, residential neighborhoods, and freeways. The demographics surrounding the property are considered high-income.
“Multi-parcel opportunities in highly coveted areas like Tustin are few and far between,” said Dennis Vaccaro. “The property is a core infill Orange County real estate location on Newport Blvd. and across from another ValueRock property, 99 Ranch market opening later this year at Larwin Square.
About ValueRock Realty: ValueRock is one of the nation's leading real estate investment and operating companies. We seek to bring a strong, innovative entrepreneurial mindset to generate a positive impact and long-term value for our investors, assets, and communities. In operation for over 30 years, ValueRock brings a track record of over $30B in transactions in investment management, asset management, financing, development, leasing, and operations.