Records show the building, at 2293 Cosmos Court, being sold by an affiliate of Oceanside Glass Tile Co., which plans to lease back the property for two years.
Focus Real Estate officials said their company has the option to replace the tenant during the lease-back period and that it intends to market the building for sale or lease after completing a renovation.
The acquisition was funded with equity from high-net-worth investors and with debt from SunWest Bank arranged by Bridgeport Investments of Tustin.
Focus Real Estate was formed in 2000 and is headed by longtime real estate executive Richard Ortwein, former president of Koll Development Co., and his partners, Michael Ortwein and Jack Kappe.
The company said it is seeking other Southern California office and industrial investment opportunities valued between $5 million and $20 million.
KBS in Denver
One of KBS Realty Advisors’ nontraded real estate investment trusts is paying $86 million for an office complex in Westminster, Colo.
The Newport Beach-based company’s KBS Strategic Opportunity REIT Inc. bought the Westmoor Center, a six-building, 612,890-square-foot office complex, for about $140 per square foot.
Westmoor Center is halfway between Denver and Boulder and was 81% occupied at the time of the purchase. It currently brings in about $6.4 million a year in rents.
KBS and its affiliated companies now own six properties in the Denver area totaling about 1.7 million square feet. Other buildings it owns in the region include Granite Tower, a 31-story office tower in downtown Denver that it paid $149 million for in 2010.