High-rise commercial buildings

Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
California  + Retail  | 

Onni Makes Another Big Move in SoCal

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.

There is still time to join us this week for Connect Bay Area at the Grand Hyatt San Francisco. Get more information, and register to attend on this link.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With Onni GroupConnect With Decron PropertiesConnect With Cushman & Wakefield’s Renard

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
New call-to-action
New call-to-action
New call-to-action
New call-to-action
New call-to-action