Kensington Real Estate Group Completes $33 Million in 2nd Quarter 2005 Transactions

Kensington Real Estate Group of Tustin announced today the completion of more than $33 million in transactions in the second quarter, 2005.

Kensington completed the acquisition of Van Buren Plaza in Riverside, CA and Cypress Plaza in Cypress, CA in two separate transactions totaling $17,325,000.

Kensington also closed escrow on the sale of the final parcel of Diamond Bar Village Center in Diamond Bar, CA for $15,800,000.

Built in 1990, Van Buren Plaza is a 95,000-square-foot retail center and is located at 5600-5750 Van Buren Boulevard in Riverside. Current tenants include Dollar Tree, Payless ShoeSource, Fantastic Sams and numerous local retailers. Kensington purchased Van Buren Plaza for $14,575,000, which was 98% occupied at the time of acquisition.

“Van Buren Plaza is a well-located property off the heavily traveled intersection of Van Buren and Arlington in Riverside and offers excellent upside potential for Kensington Real Estate Group. We plan to implement a cosmetic rehab program including new paint, adding stone, landscaping and additional site improvements. We are also selecting new national, regional and local tenants to remerchandise the center to maximize its value to our investors and the community,” said Patrick Galentine, president of Kensington Real Estate Group. Kensington represented itself in the acquisition. REZA Investment Group of Irvine represented the seller, a private party.

Kensington purchased Cypress Plaza located at 5721-5735 Lincoln Avenue in Cypress for $2.75 million. The property is a 22,000-square-foot, mixed-use retail and office center, one-quarter mile east of Valley View and Lincoln, where a major power center renovation is currently underway. Cypress Plaza is also located across the street from Home Depot.

“Similar to Van Buren Plaza, we believe that Cypress Plaza is under utilized and provides an ample opportunity for substantially enhancing the value of this property. We have planned a cosmetic renovation of the entire property and a re-tenanting of the center,” said Galentine. Cypress Plaza was 99% occupied at the time of acquisition.
CB Richard Ellis Private Client Group represented Kensington and the seller, a private party.

“We are planning both Van Buren Plaza and Cypress Plaza projects as a long term hold,” added Galentine. Coreland Companies will lease and manage both properties. Matt Hammond and Fred Godinez of Coreland Companies will lease Van Buren Plaza. Bryan Bauer will lease Cypress Plaza.

Kensington sold the final parcel of Diamond Bar Village Center, a 103,000-square-foot, mixed-use retail and office project located in Diamond Bar, for $15,800,000. Kensington purchased Diamond Bar Village Center in March 2003, and renovated and remerchandised the property. CB Richard Ellis Private Client Group represented the buyer, Sandstone Properties of Los Angeles, in the sale transaction.

Kensington Real Estate Group of Tustin has acquired over $200 million of retail, office and multi-tenant industrial property since inception in 1999, and continues to seek value added commercial real estate opportunities throughout the Western United States. For more information, visit www.k-reg.com.