CAPROCK PARTNERS LEASES 42,289 SQUARE FEET AT RADIUS IN TUSTIN
IRVINE, Calif. (March 22, 2017) — CapRock Partners, a private commercial real estate investment firm based in Orange County, California, today announced that it has leased 42,289 square feet of R&D space at Radius (www.RadiusOC.com), the company’s innovative R&D/creative office redevelopment project in Tustin, California. Existing tenant Peregrine Pharmaceuticals, Inc. elected to expand its long-term presence at Radius following CapRock’s $2.5 million reimagining of the project, which was completed in 2016. The expansion provides Peregrine Pharmaceuticals with valuable space and infrastructure that will facilitate the planned expansion of its contract development and manufacturing organization operated under its wholly-owned subsidiary, Avid Bioservices, Inc. Scott Read of Newmark Grubb Knight Frank managed the transaction for the landlord.
The remaining 28,000+ square feet at Radius comprises a truly unique office campus designed to create a work cosystem to match a company’s culture and DNA. Conceived and built for today’s work/life desires and demands, the space includes meeting and gathering spaces and an open, collaborative office floor plan with exclusive access to more than a half-acre of outdoor amenity space – more per rentable square foot than any other OC office project – encompassing volleyball and bocce courts, a putting green, and an outdoor fire pit and grilling area. The lease also will give the office tenant access to street and campus signage and full street frontage, providing high visibility image and branding exposure along with 6:1 parking. This office space is one of a kind in Orange County as no other building in the airport area offers this amount of exclusive amenity area coupled with a 6:1,000 parking ratio.
CapRock Partners acquired the project in 2014 in an off-market transaction. Located at 14191 Myford Road in Tustin, Radius encompasses 7.4 acres and a total of 110,000 square feet that was originally designed as premium industrial space. With its premier location within the amenities-rich Jamboree Rd/ 5 Freeway/ 261 Toll Road corridor and abundant surface parking and outdoor spaces, the CapRock team immediately identified an opportunity to redevelop the asset, re-positioning 70,000 square feet of space.
Peregrine Pharmaceutical’s expansion at Radius reinforces the project’s appeal as an R&D and creative office hybrid campus, a unique product for Orange County,” said Jon Pharris, Co-Founder and President of CapRock Partners. “With this sizable lease transacted, we now are focused on connecting with a creative office tenant who will benefit from a highly amenitized corporate campus that encourages work/life balanceand provides above market parking ratio to cater to a wide variety of potential tenants.”
About CapRock Partners
Since its founding in 2009, Irvine, California-based CapRock Partners has become one of the fastest-growing private commercial real estate investment firms in the state with a focus on investing in middle market value-add industrial assets throughout California and developing Class A industrial buildings in Southern California. The firm has a pipeline of more than 6,000,000 square feet of Class A industrial development, including more than 1,000,000 square feet completed in 2015 and more than 2,000,000 square feet slated for construction in 2017,with a pipeline and assets totaling more than $750 million at completion.
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