July 16, 2019
Decron Properties sold Ocean Plaza, an 8.6-acre mixed-use office and retail complex in Huntington Beach, CA to Vancouver, Canada-based Onni Group for $97.25 million. Located at 17011 Beach Blvd., the property features a 207,645-square-foot, 14-story Class A office tower; 108,785-square feet of retail and restaurant space, and a six-level 863-vehicle parking garage.
Decron purchased the asset in 2006 but soon saw the property’s occupancy drop to less than 60%. The company then invested $17 million in renovations and tenant improvements. That helped secure new anchor tenants Ocean Media and UFC Gym, and bring the office occupancy back up to roughly 85%, and the retail occupancy to 95%.
Cushman & Wakefield’s team led by Marc Renard represented Decron Properties.
The sale is part of Decron’s ongoing business strategy to divest commercial office assets prior to the possible changes to California’s Prop 13. Since 2015, the Los Angeles-based firm has pared its office and retail holdings from 40% to what is expected to be 15% by year-end, to focus almost exclusively on multifamily.
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