SAN DIMAS, CA—A joint venture between Stillwater Investment Group, Greenlaw Partners and an affiliate of Walton Street Capital has acquired Overland Court from the National Credit Union Association for $18 million, GlobeSt.com learns exclusively. The joint venture plans to perform a “seven-figure” renovation on the property, a two-building, 173,500-square-foot class-A office campus located at 924 and 936-930 Overland Court in San Dimas.

“This was a good buy because of the location. It is surrounded by the 60, the 210 and the 10 freeways, so the access to the properties is very, very good,” Taylor Ing, a broker at Cushman & Wakefield tells GlobeSt.com. “These buyers are very well capitalized, and have done several other projects in the area, so they really know the marketplace and the risk factor.” Ing represented the buyers in the transaction, along with his Cushman & Wakefield colleagues Drew Sanden and Scott Maples. CBRE's Mark Perry, Carlene O'Neil, Kevin Duffy and Greg Nassir represented the seller in the transaction.

The renovation plans include adding a 25,000-square-foot second floor at the 936-960 location. Although plans are still begin drawn up for the site, and nothing, including the budget, has been finalized, Ing says that the plans do include the addition of a new roof, new mechanical systems and common areas, which will bring everything to “modern condition,” he explains. The renovation will likely break ground in the third quarter of this year. The purchase also included a two-acre development site, which the owners plan to pave over and make into a parking lot for additional parking at the 936-960 building.

Since purchasing it in 2012, the National Credit Union Association has occupied the property, and WestCorp Credit Union owned an occupied the property previously. In fact, the property has not been on the market for lease since 1992. The owners plan to take advantage of area's low office inventory and reintroduce it to the market, following the renovations.

“San Dimas sits in the middle of the San Gabriel Valley market, and it is getting very tight, especially for high-quality spaces,” says Ing. “We believe there is a tremendous amount of opportunity for these types of assets, including rent growth and value-increase, and that is what we are really excited about.” 

Multifamily properties in the San Dimas market are also catching investor attention. This has been especially true for luxury apartment properties, which are in high demand in the area.