OneV Capital Partners Closes Escrow on Two Southern California Value-Add Shopping Centers for a Total of $13,620,000
IRVINE, Calif., January 17, 2019 (Newswire.com) - OneV Capital Partners closed escrow on two retail centers in Southern California in the cities of Torrance and Riverside. In Torrance, the company acquired Yukon Plaza for $6,320,000. The OneV Capital team identified Yukon Square to be a well-located center that was strategically located across the street from the Torrance aquatic center, Alondra golf course and El Camino Community College. The property was held in a family trust with rents that were significantly below market. According to managing member Brian Tu Nguyen, the company plans to make renovations to the center, including a full facelift to modernize the center, and the OneV Capital team is already in negotiations with several national and regional credit tenants to occupy the center.
In Riverside, OneV Capital sold University Heights shopping center located in Riverside, California. In just 12 months, the OneV team was able to renew the entirety of the month-to-month leases (totaling 70 percent of the gross leasable area) to brand new NNN leases at market rates. After generating multiple offers on the property, OneV selected an all-cash buyer in a 1031 exchange who successfully closed escrow on the property at a price of $7,300,000.
Mr. Brian Tu Nguyen and his team are an experienced real estate investment group with over 30 years of combined real estate experience who focus on acquiring below-market properties to bring their rents to market rates. Other recent dispositions for OneV Capital include a shopping center in the city of Orange that yielded a 58.7 percent profit in just over eight months. OneV’s current pipeline of projects includes University Plaza in Pomona which has just completed a refinance with a value of $11 million (86 percent increase in value over the original purchase price of $5,900,000), La Palma Shopping Center in Anaheim and Hacienda Village in Hacienda Heights. All three projects are completing their renovations with pro-forma rents already exceeded.
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Source: OneV Capital Partners