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California  + Orange County  + Retail  | 

Tustin Strip Center Sells in 1031 Exchange

JLL Capital Markets closed the $6.225-million sale of Newport and Walnut Center, a 9,624-square-foot retail strip center located in Tustin. Senior director Daniel Tyner and managing directors Gleb Lvovich and Geoff Tranchina worked on behalf of the seller, a private family trust that owned the center for over 20 years, and the buyer, World Premier Investments, which acquired the asset for its 1031 exchange.

Situated at 13812 Newport Ave., Newport and Walnut Center features a diversified tenant mix of food, health, beauty and household services. The property is 100% leased to eight tenants, including HiroNori Craft Ramen, Crown Beauty, Studio 18 Nail Bar and Moon Lash Beauty.

“Newport and Walnut received a significant amount of interest from the market as the property presented a unique opportunity to acquire an infill strip center with future upside,” said Tyner. “This transaction proves the strong investor demand for well-performing, daily needs strip centers.”

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JLL's Tyner

About Paul Bubny

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).

  • ◦Sale/Acquisition
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