Two local real estate companies have completed the largest Orange County office transaction of the year.
Los Angeles-based Decron Properties Corp. has purchased the Plaza in Huntington Beach from 3D Investments LLC of Beverly Hills for about $66 million. The market-rate deal of about $220 per square feet closed Feb. 28.
The 307,002-square-foot mixed-use complex at the southwest corner of Beach Boulevard and Warner Avenue in Huntington Beach includes a 15-story Class A office tower and 100,209 square feet of retail space. The 17011 Beach Blvd. project is one of only two high rise office developments in Huntington Beach. The office component is over 95 percent occupied.
"If you look at our entire portfolio it is all about urban infill investments and taking advantage of high trafficked intersections with mixed-use developments," said David Nagel, president and chief executive of Decron, an office, retail and apartment developer and manager.
The satellite retail space is 100 percent occupied and includes Starbucks, Chili's and Bally's Fitness, among other tenants. And an on-site five-screen movie theater complex represents a redevelopment opportunity for Decron. Currently, the theater is leased by Regency Theatres, but Nagel said his company will explore redeveloping the theaters in conjunction with the City of Huntington Beach. "It is undervalued right now and underutilized and we will be looking at that parcel," he said.
Other planned upgrades include remodeling the public areas and elevator systems at the office building. The remodeling will begin by January. Decron could also add additional parking at the site.
Decron represented itself on the deal. 3D Investments was represented by Jay Borzi, Kevin Crummy, Sean Sullivan and Greg Goldstein of Eastdil Secured LLC.
3D Investments declined to comment.
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