By Veronica Grecu
A joint venture between Irvine-based Lincoln Property Co. and Alcion Ventures of Boston has secured a $141.6 million loan for the first phase of FLIGHT at Tustin Legacy, Orange County’s first purpose-built creative office campus. HFF placed the three-year construction loan with ACORE Capital and iStar Inc.
Construction at the L.A.-area office campus broke ground just one week after the Lincoln Property/Alcion Ventures partnership purchased the land for FLIGHT’s first phase of development. The 470,000-square-foot first stage of development, which is set for completion in early 2019 and will feature Millennial-friendly amenities, will include eight office buildings, a 7,000-square-foot conference center that can be utilized by tenants or third parties, and a 12,000-square-foot food hall.
According to Yardi Matrix data, the project is seeking LEED Gold certification. Phase one is expected to house more than 1,700 employees.
Ultimately, the completed FLIGHT development will encompass around 870,000 square feet of space across 18 buildings.
Land purchased from the City
The project’s first phase is under construction on a 17.5-acre site that used to be the city’s Marine base. The development team operating as Flight Venture has acquired the land from the city of Tustin for roughly $26 million, or around $1.5 million per acre.
Managing Director Mark Wintner and Senior Managing Director Doug Bond led the HFF debt placement team that secured the $141.6 million financing.
Image courtesy of Lincoln Property Co.