RREEF Property Trust has acquired Anaheim Hills Office Plaza, a multi-tenant office building in Orange County, California, for USD18.5 million.
Located at 160 North Riverview Drive in Anaheim, the three-story Class A building was built in 2008 and comprises approximately 73,892 square feet. The building is 100 per cent leased to three businesses in the industries of financial services, real estate, and aerospace and defence.
Positioned in the Anaheim Hills submarket, the property is in close proximity to the regional freeway system and has direct access to CA-91. In addition, its position is highly visible from the highway, with easy access to numerous restaurants, retail and service amenities.
“The acquisition of Anaheim Hills Office Plaza provides stable near term income and geographic diversification into California for the company,” says Todd Henderson, chairman of the board of RREEF Property Trust and head of real estate, Americas at Deutsche Asset & Wealth Management. “We are pleased to add this institutional-quality property to the RREEF Property Trust portfolio. Anaheim Hills Office Plaza is one of the newest office buildings in North Orange County and, while providing near term income, the opportunity exists to grow NOI as the Orange County office market continues to recover."