The Anaheim Hills Office Plaza sold last month for $18 million, half a million less than what the building last traded hands for in 2014.
The seller was RREEF Property Trust Inc., an entity owned by German investment giant Deutsche Asset & Wealth Management.
Global Edge Holdings & Management is the new owner of the 73,892-square-foot, three-story office built in 2008. RREEF sold the office for about $244 per square foot.
The building is on a 4-acre lot at 160 N. Riverview Drive, along the Riverside (91) Freeway at Weir Canyon Road.
A redevelopment is possible; Global Edge is a real estate investment firm specializing in the acquisition, development and redevelopment of shopping centers and mixed-use properties, according to its website.
RREEF used the proceeds of the Anaheim Hills Office Plaza sale to reduce its outstanding balance under a Wells Fargo line of credit, regulatory filings indicate.
The transaction is one of the latest examples of local office complexes selling for lower than their pre-pandemic values; see page 3 for more.
San Clemente Hampton Inn Trades for $15M
A Hampton Inn & Suites in San Clemente last month traded hands between two Irvine investors.
DKN Hotels sold the 69-room hotel, located on a nearly 0.7-acre lot at 2481 S. El Camino Real, to Waverley Hotels LLC for $15 million.
Stays at the Hampton Inn, built in 1985 on the inland side of the San Diego (5) Freeway, average at $168 per night. The hotel was last renovated in 2020.
Its sale, which works out to around $217,000 per room, marks OC’s third-highest hotel sale since the start of 2023.
The DoubleTree by Hilton Suites Anaheim Resort Convention Center sold for $62 million in January in the year’s priciest hotel sale. Newport Beach-based hospitality investor MHG Capital bought the 251-room hotel in a deal that worked out to about $247,000 per room.
The developer and seller, O’Connel Hotel Group, has a history of hospitality development in Anaheim that dates back to the 1960s.
Individual hotel sales in OC declined 68% in the first six months of the year, while the state saw deal-making fall 53% in June from the year prior, the largest percentage decrease on record for California, according to a midyear report by Irvine’s Atlas Hospitality Group.
The dollar volume of OC deals fell 73%, though the median price per room rose 54%.
