2642 Michelle Dr
Tustin, CA 92780
Office Property For Sale

INSTITUTIONAL, CREATIVE OFFICE BUILDING WITH RECENT UPGRADES 2642 Michelle Drive is an institutional quality, creative office building with strong curb appeal, featuring large window lines, contemporary interior finishes and modern/creative office build-outs throughout the tenant spaces. The Property recently received a $2,700,000 renovation that included upgrades to the main lobby, corridors, parking lot and landscaping. SECURE INCOME STREAM DELIVERING STRONG RETURNS AND UPSIDE The Property is 100% leased on a triple-net basis to three tenants: Avid Bioservices (formerly Peregrine Pharmaceuticals), Advantage Sales & Marketing and GPA Consultants with no leases expiring until 2022, fixed annual rental increases and tenant options to extend. HIGHLY SOUGHT-AFTER CREATIVE OFFICE ENVIRONMENT 2642 Michelle Drive provides prospective tenants a one-of-a-kind campus environment and creative office experience consisting of an expansive, two-story lobby, high open ceilings, creative office build-outs, updated landscaping and a new signage program. The Orange County office market has recently seen a high demand from tenants for creative office space—as landlords have been able to achieve rents 20% to 30% higher—as well as higher tenant retention for creative office build-outs versus traditional office build-outs. CAPTIVE IN-PLACE TENANCY Avid Bioservices currently occupies 51% of the Property as their corporate headquarters and views this location as a long-term facility for their operations as they have recently invested ±$20 million of their own capital in 2642 Michelle Drive and three other neighboring office buildings. Due to their strategic neighboring locations and long-term contractual lease agreements, Avid Bioservices is committed to its future at this property