LEE & ASSOCIATES NEGOTIATES $12.9 MILLION SALE OF RED HILL CORPORATE PLAZA

TUSTIN, Calif.—October 28, 2008— Lee & Associates, one of the largest national commercial real estate providers with regional expertise, negotiated a $12.9 million sale and purchase of the Red Hill Corporate Plaza located at 15501 Red Hill Ave. in Tustin.

Phil Cohen of Lee & Associates’ Irvine office represented both the buyer, Jack Markovitz Trust, and the seller, John R. Saunders of Red Hill LLC.

According to Cohen, the transaction was an off-market deal that traded at a 7% CAP rate, creating a win-win transaction for both buyer and seller.

The Jack Markovitz Trust purchased the property in a 1031 exchange for cash flow purposes.

“In today’s economy, this was a good investment for the buyer because of the good CAP rate, and a very attractive loan that was assumed as part of the transaction,” said Cohen.

The 44,123-square-foot office building was built in 1984 and is the head quarters of Oncotech, a company that provides innovative molecular oncology testing services to more than one thousand hospitals throughout the United States and Europe. The company also assists physicians in the care and management of their cancer patients. 

 

About Lee & Associates

Celebrating more than 29 years of leadership excellence in commercial real estate, Lee & Associates is one of the largest national commercial real estate providers with regional expertise.  As a group of independently owned and operated companies, Lee & Associates currently has 34 offices located in California, Arizona, Idaho, Illinois, Michigan, Missouri, Nevada, Texas and Wisconsin.  In 2007, the Lee & Associates group of companies successfully completed transactions with a total value of nearly $8 billion. Lee & Associates’ clients enjoy a comprehensive range of specialized commercial real estate services including: industrial, office, multifamily and retail property sales and leasing; real estate investment consulting, property acquisition and disposition; tenant representation and relocation, land assemblage, site selection, mixed-use and urban in-fill, property and portfolio evaluation and market research. Additional information is available at www.lee-associates.com.