Kelemen Company and Kingsbarn Complete Sale of Tustin Financial Plaza to National Homebuilder
TUSTIN, Calif. — 8/31/26 — A partnership between Kelemen Company andKingsbarn Realty Capital announced today the sale of Tustin Financial Plaza, an 8.5-acre property in Tustin, California, to a national homebuilder for $68,675,000. The transaction marks the successful completion of the partnership’s business plan to reposition the former office campus for residential redevelopment.
Located at 17772, 17782, 17822, 17852 and 17862 E. 17th Street, Tustin Financial Plaza was originally developed as a five-building office campus totaling approximately 185,000 square feet. Kelemen Company and Kingsbarn Realty Capital acquired the property in October 2024, recognizing the opportunity to transform the underutilized commercial site into much-needed new housing in a highly desirable infill Orange County location.
Following the acquisition, the partnership worked closely with the City of Tustin and its consultant team to pursue entitlements for the redevelopment of the property. The partnership ultimately secured approvals for a new residential community known as Cypress Grove and consisting of 145 townhomes, positioning the site for its next chapter as a new for-sale housing community. The original acquisition thesis contemplated the site's potential for residential redevelopment, with townhome development identified as an attractive future use for the property.
“This was a well-executed business plan and is a great outcome for our team, the Kingsbarn team, and the City of Tustin,” said Tibor Kelemen, CEO of Kelemen Company. “We are very grateful to our consultants and the City of Tustin for their hard work and support of this new housing development.”
The sale to a national homebuilder completes the partnership’s approximately two-year investment and entitlement strategy and advances the redevelopment of an aging office property into new housing. The project benefits from its central Tustin location near the SR-55 and I-5 freeways and is surrounded by established residential neighborhoods, retail amenities and major Orange County employment centers.
Kelemen Company is actively seeking similar covered land play/redevelopment opportunities where an existing 5+ acre commercial site can be rezoned into a higher and better residential use.
About Kelemen Company
Based in Irvine, CA, Kelemen Company is a privately held real estate investment, development, and property management firm specializing in high-quality residential, commercial, and mixed-use projects throughout Southern California. It’s current portfolio consists of additional coastal land in Malibu, local Orange County office buildings, and infill covered land/redevelopment sites. With a focus on thoughtful design, strategic acquisitions, and long-term value creation, Kelemen Company has built a reputation for integrity, precision, and performance. From iconic coastal land to local office buildings to infill redevelopment opportunities, the firm’s history reflects a commitment to excellence and a deep understanding of California’s most dynamic markets.