Westrox Plaza is located at a signalized intersection in the heart of Garden Grove, Orange County, CA. The property features strong exposure on Westminster Avenue, a main thoroughfare for the area. Further, the property benefits from strong historical occupancy and a diverse mix of restaurant and service-based tenants.
OneV Capital recently acquired this property and the team plans to add value by renewing below market rents at market rates as well as minor capital improvements. At acquisition, a number of tenants were on month to month leases, creating immediate access to upside. The property was acquired at a price to allow for consistent cash flow through the hold and repositioning period, resulting in the ability to add value while maintaining consistent returns for investors.
The Sale & Return
The OneV team listed this property for sale in late 2021. The team was able to secure all month to month leases and also renegotiate early extensions for some tenants. After a brief marketing period, the property closed at list price with an all cash 1031 exchange buyer. The sale represented a return of over 52% after a hold period of just one year.