Irvine, CA (PRWEB) September 12, 2010
The Khoshbin Company, Inc. has recently purchased the Torrey Chase Office Portfolio which consists of 3 mid-rise office buildings totaling just under 200,000 sq ft. The buildings were purchased, at a substantial discount from CCMS 2005-CD1 HOUSTON OFFICES, LLC, a Texas limited liability company. Ironically, Mr. Manny Khoshbin, principal of The Khoshbin Company, owned these same buildings from 2004 to 2005 when he sold them to a private REIT, at a substantial profit, for $13,750,000 ($72/sq ft). By the end of 2006, The Khoshbin Company had accumulated approximately 2,000,000 sq ft of office and, knowing the market was due for a huge correction, managed to sell the entire portfolio before the current recession hit in December 2007. Due to current market conditions, The Khoshbin Company is in an acquisitions mode. As Mr. Khoshbin says, “You make your money on the buy and you never go broke taking profits.”
This purchase comes on the heels of another distressed value-add purchase late last year of a 6 story 130,000 sq ft office building. Occupancy was 55% at the time and has since been increased to 65%. In addition, the anchor tenant was renewed via a long term lease extension.
About the Khoshbin Company, Inc.
Based in Irvine California, The Khoshbin Company is owned by Manny Khoshbin. Mr. Khoshbin has been in the real estate business since 1992 with an emphasis on the commercial office market for the past 10 years.