Turner Pays $22.7 Million for Business Park
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Turner Development Corp. in Newport Beach said Friday it has bought the San Juan Capistrano Business Park from Birtcher Real Estate Group in Laguna Niguel for $22.7 million.
The 18-building complex along Calle Perfecto in San Juan Capistrano contains nearly 240,000 square feet overall. The single-story industrial buildings, built 25 years ago, have 40 tenants, including United Rentals, Surfer magazine and the Capistrano Unified School District. Nearly 8% of the space is vacant.
Turner Development President Rusty Turner said the company is considering several options, including a plan to sell the buildings individually.
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