Clinton Plaza is located at a signalized intersection in the heart of Garden Grove. The property benefits from close proximity to the 22 freeway, a major freeway for the area. The sale was secured off-market and is the first time the property has been sold in over 50 years. Furthermore, Clinton Plaza features strong historical occupancy and a diverse and synergistic mix of service-based tenants.
The OneV team was able to quickly execute on its business plan to renovate the center and subsequently pursue the available upside the property had offered at closing. Multiple leases were renewed at market rent and the team was able to lease up a premium endcap space with a strong, multi-unit restaurant operator. Cash flow has increased by over 25% in the short period after closing and the property now yields a cash on cash return in excess of 9%. The OneV team plans to hold this asset and enjoy the strong cash flow, and the increased asset value can be utilized at a later date to generate additional investment funds for future OneV projects.