NAI Capital Arranges 75-Year Ground Lease in Tustin Legacy Area
(Updated with additional information)
NAI Capital Commercial EVP David Knowlton and SVPs Kirby Greenlee and Mariko Beaver completed a 75-year ground lease for 9.5 acres at South Orange County Community College District ATEP campus in Tustin. The team represented the landlord, South Orange County Community College District (SOCCCD). The transaction was valued at $264.8 million.
The SOCCCD board approved Advantech Co., a Taiwanese-based maker of industrial PCs, embedded Internet of Things devices and other tech products, to build a six-story, 108,942-square-foot office building on the District’s Advanced Technology and Education Park (ATEP) in the Tustin Legacy area.
The company is also expected to construct an additional two-story, 78,837-square-foot warehouse facility for storage, light manufacturing, repairing, and packaging non-hazardous industrial computer-related products. Kidder Mathews SVPs Oliver Ternate and Eric Tse represented Advantech.
The new development, spanning nearly 10 acres at the intersection of Red Hill Avenue and Victory Boulevard, is set to be one of the larger R&D projects in Orange County in recent years. It will serve as Advantech’s largest campus development to date. Currently operating from a roughly 27,000-square-foot building in the Spectrum area of Irvine, Advantech anticipates relocating its U.S. operations to the new North American headquarters in late 2025.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).