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October 19, 2019
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Onni Group Buys Ocean Plaza in Huntington Beach for $97 Mil

7/16/19

Onni Group, out of Vancouver, Canada, has acquired Ocean Plaza, an 8.6-acre mixed-use office and retail complex in Huntington Beach, for $97.25 mil. It was sold by Decron Properties.

Located at 17011 Beach Blvd, the property features a 207.6k sf, 14-story Class-A office tower, along with 108.8k sf of retail and restaurant space and a six-level parking garage accommodating 863 automobiles.

The sale of Ocean Plaza is part of Decron’s ongoing business strategy to divest itself of its commercial office assets prior to the possible changes to California’s Prop 13 that would alter the structure of property taxes for commercial properties within the state. Since 2015, the Los Angeles-based real estate investment firm has pared its office and retail holdings in its portfolio from 40% to what is expected to be 15% by year-end to focus almost exclusively on multifamily.

“Proposition 13 notwithstanding, we have made a concerted effort to focus more on building our multifamily portfolio where cash flows are more consistent and growing at a faster pace than commercial by expanding into new markets throughout the Western United States,” said Decron CEO David Nagel. “There is a shortage of affordable quality housing for middle income earners throughout the western region and we are focused on trying to find solutions to that issue.”

Last year Decron invested approximately $350 mil in multifamily assets increasing its Northern California holdings to 858 units, and acquiring its first asset in the Pacific Northwest, a 522-unit apartment community in Seattle. Decron’s multifamily portfolio includes approximately 8,000 units.

Decron purchased Ocean Plaza in 2006 but within five years of the purchase, the property’s occupancy dropped from 90% to less than 60%. Decron invested $17 mil in renovations and tenant improvements to reposition and re-stabilize the campus. New anchor tenants to the mixed-use project include Ocean Media and UFC Gym, along with Premier Business Centers. At closing, occupancy of the office portion of the project was approximately 85% and 95% for the retail space.

Marc Renard with Cushman & Wakefield represented Decron Properties in the transaction.





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