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Tustin MOB Sold for $21M in 1031 Exchange
Colliers International completed the $20.8-million sale of a medical office building in Tustin. The buyer was Padma Laxmi, LLC, while the seller was Dow Owner, LLC., an entity affiliated with Newport Beach-based Cress Capital.
The 51,588-square-foot building is located on a 2.8-acre site at 2742 Dow Ave. The two-story property was built in 1979.
Colliers International’s Richard Schwartz and Joey Reaume represented the buyer. CBRE’s Anthony DeLorezno represented the seller.
Schwartz tells Connect, Cress Capital bought the building a year ago and restructured the current lease to create value. The buyer was in a 1031 exchange.
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- ◦Sale/Acquisition


