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LGB Buys Prime Redevelopment Site

ORANGE COUNTY, CA—The retail investor completes the acquisition of a 30,000-square-foot building from US Bank after nearly two years securing entitlements to redevelop the property.

By Kelsi Maree Borland | Updated on March 23, 2015

ORANGE COUNTY, CA—LBG Real Estate, a value-add investor, has completed the acquisition of a 30,000-square-foot redevelopment retail property in Huntington Beach, CA, from US Bank. The developer entered into escrow nearly two years ago, and has been securing entitlements and permits for the redevelopment of the property. Having secured all of the necessary permits, the company was able to close on the purchase.

“This particular asset had been through quite a lot of distress, starting during the great recession,” Doug Beiswenger, managing partner at LBG Real Estate, tells GlobeSt.com. “The reason for that is that the fee interest in the property was owned by Downey Savings and Loan, which was taken over by US Bank. The property was also subject to a long-term ground lease in favor of the original builder of the shopping center, and the ground lease expired in December of 2013.” The expired ground lease and the shuttering of Downey Savings made this the “ultimate distress opportunity,” according to Beiswenger, which he says is why the property sat vacant for so many years.

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