Menlo Park, CA (PRWEB) February 14, 2006
HG Capital, LLC (HG) announced a joint venture investment with Focus Real Estate LP for the acquisition of two single-story buildings in California's Inland Empire. Located on Alabama Street in Redlands and comprising approximately 42,000 rentable sq. ft., the buildings will be converted to fourteen for-sale professional office condominiums ranging in size from 2,500 to 3,600 sq. ft. HG Capital invested approximately $1.9m of equity in the project and closed on the buildings with a loan from Alliance Bank.
"The continuing growth of the Inland Empire and demand for local professional office space, together with the project's strong location, make this an excellent investment," said HG president, Henry Bandet. "These brand new buildings are suitable for office and service retail uses and will be marketed on a for-sale basis, available immediately."
The project is located on a major road connecting Redlands' residential areas to the I-10 Freeway. The Redlands Professional Center is zoned for a wide variety of wholesale, retail and service uses and benefits from a major signalized corner location passed by approximately 17,000 cars per day.
Herrick Johnson of Lee & Associates in Riverside, California (http://www.lee-associates.com/riverside) is the leasing and sales broker for the project.
About HG Capital, LLC
HG Capital, LLC (HG) (http://www.hgre.com) is a real estate investment group that provides joint venture equity capital to real estate owners and developers for value-added and opportunistic real estate projects in the western United States. HG makes principal investments from its discretionary management of the HG Capital private equity funds. HG manages over $100 million of equity capital and has invested in over $1 billion worth of projects since 1994. With offices in Menlo Park and Newport Beach, California, HG has established a successful track record based upon its highly responsive and entrepreneurial approach to real estate investing.
About Focus Real Estate LP
Focus Real Estate LP (http://www.focusrelp.com), founded in April 2000, is headed by longtime real estate executive Richard Ortwein and his partner and son Michael Ortwein. The company works with corporate users, landowners and institutional investors to identify, acquire, and oversee all aspects of development and construction, including land entitlement and arrangement of financing. Focus Real Estate provides its clients with talented management advice and service based on more than 45 years of combined experience with every facet of commercial and residential real estate development and investment.