2050 MAIN STREET
Location: 2050 Main Street, Irvine, CA
Investment Date: November 2009
Purchase Price: $56 Million/$178 per sf
Purchased as an REO asset from a national lender in an all-cash transaction at $178 per square foot with two institutional equity partners at a steep discount to its replacement cost
2050 Main Street is a 314,074 square foot, 13 story Class “A” office building located in the acclaimed Irvine Concourse Corporate Center
Selected as buyer due to track record and certainty of execution
Upon acquisition, the asset was leased up from 24% occupancy to over 80% despite a market vacancy rate of 25%
Sold in November 2011 for $108.5 million ($345 per SF) representing a 34.6% unleveraged IRR and 1.6x unleveraged equity multiple
18301 VON KARMAN
Location: 18301 Von Karman Avenue, Irvine, CA
Investment Date: July 2010/January 2014
Purchase Price: $42.0 Million/$186 per sf/$67.7 Million/$300 per sf
Purchased on an off-market basis at $180 per square foot with two institutional equity partners at a steep discount to replacement cost
18301 Von Karman is a 225,000 square foot, 11 story, Class “A” office building located in the acclaimed Irvine Towers office project in the heart of the Orange County Airport Area.
Upon acquisition, the asset was leased up from 30% occupancy to over 80% despite a market vacancy rate of 25%
The building was completely renovated including a brand new lobby, the replacement of business systems, and upgrade of the corridors and restrooms. Prior to the remodel, the property was sold in 2007 for $505 per square foot.
Greenlaw recapitalized the building in a new Joint Venture with CIGNA Realty Investors, which closed in early 2014 at $300 per square foot. The property has been leased up to nearly 95% during the first 8-months of the new ownership.
Location: 4000 Metropolitan, Orange, CA
Investment Date: December 2010
Purchase Price: $11.5 Million/$63 per sf
Purchased as an REO asset from a national lender in an all-cash transaction at $63 per square foot with two institutional equity partners at a steep discount to replacement costs
4000 Met is a 188,263 square foot, 4-story Class “B” office building located in the Central Orange County submarket
Prior to the close of escrow, Greenlaw executed a new 10 year lease with TD Services to occupy 45,000 square feet
Upon acquisition, Greenlaw oversaw an extensive $27.6 million capital improvement project that included a brand new 4-level, 560 stall parking structure, building upgrades, and tenant improvements
6 months after close of escrow, Greenlaw brought the building to 95% occupancy by executing a 20-year, 100,000 square foot “Firm Term” lease with the FBI for their new Orange County headquarters. Greenlaw also renewed ITT Technical Institute for an additional 5-year term.
In August 2014, the asset was sold for $56 million providing investment returns of 27% leveraged IRR and 1.9x equity multiple within a 3.5-year hold period
Location: 3110 – 3210 E. Guasti Road, Ontario, CA
Investment Date: January 2012
Purchase Price: $34 Million/$112 per sf
Purchased a newly constructed REO asset from a national lender in an all-cash transaction at $112 per square foot with an institutional equity partner at a steep discount to replacement costs
Built in 2008, the project was 40% leased at the time of acquisition and was purchased at 1/3 of replacement costs
Located along the I-10 Freeway adjacent to the Ontario Airport, Waterside is a 3-building, 303,000 square foot, Class “A” office project located in the prestigious Centrelake Development project
In November, 2014 Greenlaw sold the six-story shell building for $26 million to an owner-user. The remaining two buildings were sold to an investory for $30.9 million in March 2015.
IRVINE TECHNOLOGY CENTER
Location: Irvine Technology Center, Irvine, CA
Investment Date: February 2005/ December 2012
Purchase Price: $75.0 Million
Purchased an off-market, redevelopment / land assemblage opportunity with an institutional capital partner
At the time of acquisition, the project was 100% occupied with varying lease expirations
Initial purchase included 12 buildings and 250,000 square feet of flex-office situated on a 20 acre site located at the highly visible corner of Jamboree Road and Campus Drive (less than 1 mile from the John Wayne Airport, and the University of California at Irvine)
From 2005 to 2013, the property was leased and provided sustainable cash flow for investors. During this time, Greenlaw navigated through the re-entitlement process to allow for development of up to 1,600 residential units and supporting retail.
In December of 2012 Greenlaw acquired the adjacent 3.5 acres site for $12.5M which brought the total assemblage of the project to 23 acres
In 2013, Greenlaw agreed to sell the entire project to a national apartment builder in a two-phased closing at $81,000 per door resulting in a total sale price of $129.6M.
Phase 1 of the sale closed in 2013, which included 10 acres of land and 5 buildings
Phase 2 closed in May 2015, which includes 13 acres of land and 7 buildings
Upon closing, Greenlaw Partners and its institutional partner are obtained a net profit of $57M.
Location: Stadium Center, Anaheim, CA
Investment Date: November 2003
Purchase Price: $22 Million/$180 per sf
Purchased off-market and while in escrow, Greenlaw selected a residential developer and received a non-refundable deposit prior to close on a portion of the site
Aware of the City’s new General Plan & Zoning, Greenlaw sought to capitalize on the future surrounding development and secured entitlements for 260 condominium units on 3.72 acres. Simultaneously, Greenlaw purchased an adjacent one-acre site to accommodate office parking.
The office building and the residential land were sold for a combined $45 million, resulting in a profit of $22.5 million
The equity multiple return was a 5.0x multiple in less than 24 months.
Greenlaw recapitalized the office building and the adjacent one-acre parcel at significantly below replacement cost
Location: The Triangle, Costa Mesa, CA
Investment Date: December 2010
Purchase Price: $15 Million/$75 per sf
Purchased off-market in an all-cash transaction at $75 per square foot with two institutional equity partners at a steep discount to replacement costs
The Triangle is a 200,000 square foot entertainment center located at the end of the 55 Freeway with peak traffic counts of 250,000 cars per day
Upon acquisition, the asset was leased up from 25% occupancy to nearly 80%, including a 60,000 square foot, 15-year lease with 24 Hour Fitness for its Super Sport concept
New tenants include: 24 Hour Fitness, La Vida Cantina, Saddle Ranch Chop House, Tavern & Bowl, H20 Sushi & Izakaya, Black Knight/Olive Branch, Rockstar Tan, and GNC. Greenlaw also successfully renewed Sutra and Yard House to new 10-year leases.