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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.”
- ◦Sale/Acquisition




