Realm Group, LLC of Newport Beach, CA has paid $13 million for Anaheim Hills Office Plaza, a 75,000-sf office building located at 160 North Riverview Drive in Anaheim, CA. Developed in 2008, the building is visibly situated along the 91 FWY and surrounded by the amenity-rich master planned communities of Anaheim Hills and Yorba Linda.
Anaheim Hills Office Plaza is 100% occupied with local and national tenants such as Raytheon, Premier Business Centers, Century 21 and Gateway One Lending and Finance.
Darrin Olson, principal of Realm Group, commented, “Although developed as a high-quality office property in the desirable Anaheim Hills submarket, the building suffered from the effects of the recession when it was delivered for occupancy and was subsequently foreclosed on by the lender. The acquisition was a compelling opportunity to acquire a new, fully occupied building at a substantial discount to replacement cost. The property has a strong tenant roster that will carry the asset through the market downturn, later allowing the company to capitalize on improving economics once the market fundamentals improve.”
The sale and leasing brokers are Chris Migliori and Kara Guarienti of Daum Commercial. Tom Sherlock and Eric Snyder of Talonvest represented the buyer in securing financing for the purchase.
Realm Group (http://wwww.realmre.com), located in Newport Beach, is a joint venture between Realm Real Estate and The Bascom Group to acquire value-added office properties and develop office and multi-family buildings throughout Southern California in both urban and suburban submarkets.
Bascom Group (http://www.bascomgroup.com) is a private equity firm headquartered in Irvine, California, specializing in value-added and distressed multifamily real estate investments. Bascom often sources properties in foreclosure, bankruptcy, and receivership and repositions them by adding extensive capital improvements and reducing expenses by realizing operational efficiencies through the implementation of institutional-quality property management. Since 1996, Bascom has completed transactions totaling over $6.3 billion comprising 55,000 units and over 200 properties.
Contact: Darrin Olson
REALM GROUP, LLC
4590 MacArthur Blvd., Suite 500
Newport Beach, CA 92660
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Filed under: Real Estate
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