Joint Venture Plans to Renovate and Reposition the Property
SAN DIMAS, CA– February, 2015 – Cushman & Wakefield announced today that it represented Stillwater Investment Group, Greenlaw Partners and an affiliate of Walton Street Capital, L.L.C. in the purchase of Overland Court, a two-building, Class A office park in San Dimas. The property, located at 924 and 936-960 Overland Court, was purchased from the National Credit Union Association for approximately $18 million. Cushman & Wakefield’s Taylor Ing, Drew Sanden, and Scott Maples represented the Buyer in the transaction.
The property includes 173,500 square feet of office space and two acres of vacant land. The ownership has plans to renovate the project, which includes paving the vacant lot to increase the parking ratio, bringing the 936/960 building back to shell condition and adding a 25,000-square-foot addition to the second floor of building 936/960. Cushman & Wakefield’s Taylor Ing and Drew Sanden will immediately market the entire project and individual buildings for lease or sale.
“The Southern California commercial market has a shortage of large blocks of office space over 50,000 square feet. The lack of inventory is a result of minimal new construction since 2007 and a recent spike in large user transactions. After renovating the project, Overland Court will be well positioned to capitalize on user demand in the San Gabriel Valley submarket,” said Cushman & Wakefield Associate Director Drew Sanden.
The property was formerly the Headquarters for WesCorp Credit Union. In 2012, the property was taken over by the National Credit Union Association (NCUA) a division of the US Government. The property has not been available for lease or sale since 1992 and the new owners plan to re-introduce the asset to the market.
National Credit Union Association was represented by CBRE’s Mark Perry, Carlene O’Neil, Kevin Duffy and Greg Nassir.
About Stillwater Investment Group
Stillwater Investment Group is an Orange County-based real estate firm focused on acquiring and managing core-plus and value-add office, industrial, and retail properties throughout California and Arizona. Stillwater Investment Group leverages its experience, relationships, and market knowledge to acquire and manage select real estate opportunities that provide superior risk-adjusted returns for its investors. The President of Stillwater, John Drachman, is a seasoned real estate professional with over 10 years of experience across multiple real estate asset classes. His proven track record includes the execution of over 3 million square feet of new acquisitions and overseeing the asset management for a portfolio of properties throughout California and Arizona owned in joint ventures with high net worth investors and institutional equity partners.
About Greenlaw Partners
Greenlaw Partners is an Orange County, California based full-service real estate operating company. Founded in 2003, the company acquires, develops and manages commercial real estate properties throughout the western United States. Greenlaw’s core focus is on the acquisition and management of income assets and land entitlement projects. Greenlaw’s thoughtful and creative approach to transactions, coupled with extensive relationships within the equity, debt, broker and vendor markets, allows it to create value and maximize risk-adjusted returns for our investment partners. Greenlaw has long been regarded as an ideal operating partner. Greenlaw’s distinct creativity, deep market knowledge, unparalleled work ethic and long-standing relationships are the foundation and core of the company’s success. The leadership team has extensive experience in a vast array of asset classes and property types including: office, industrial, apartment, residential, land entitlement and hospitality projects. Over the last decade, Greenlaw has executed on acquisitions and dispositions in excess of $2.5 billion dollars in partnerships with a variety of sophisticated real estate owners, brokers and lenders.
About Walton Street Capital
Walton Street Capital, L.L.C. (“Walton Street”) is a private equity real estate investment firm based in Chicago. Since its founding in 1994, affiliates of Walton Street have received total equity commitments of over $8.4 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net worth individuals. Through its affiliates, Walton Street has invested and/or committed to invest over $7.5 billion of equity in more than 300 separate transactions in U.S. and international real estate, including the development and acquisition of office, hotel, retail, industrial, multi-family, for-sale residential, senior and student housing, gaming and other assets through both individual, portfolio and company-level transactions with a gross asset cost of over $21 billion.
About Cushman & Wakefield
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 248 offices in 58 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management. To learn more, click HERE.