Selected Transactions

Garfield Center is an approximately 60,000 square foot medical office project constructed in 1988 purchased by an LLC formed by an affiliate of BCC/Royal Oaks Holding Corp. and private equity investor Range Summit for $13,000,000.  The two-building project was 87% leased to multiple primarily medical and dental tenants, had abundant parking in an attached structure, and was an ideal candidate for conversion into individual commercial condominium units.  After a long escrow to get the engineering/condo mapping completed, the sponsors recorded the map and are beginning the unit sales.

This is a 17-story, approximately 170,000 square foot medical office building constructed in 1928 purchased by an LLC formed by an affiliate of John Sikora/Broadmoor Capital and University Capital Management capitalized by approximately $52,000,000.  The sponsors have converted the building to commercial condominiums and completed $3 million in renovations to the building and began selling the units to existing tenants and investors.  Total selloff was in excess of $80 million.  This was the largest medical office condominium conversion ever completed in the Western United States.  Original pro forma pricing was $540/sf.  At completion, prices being achieved on the remaining units were $900/sf+.  BCC affiliate Royal Oaks Holding Corp. still currently owns and manages 2,100 sf of medical units in the building, free and clear.

This is a 3-property, 176,000 square foot portfolio of single-story multi-tenant suburban office buildings totaling 176,000 square feet in 26 separate buildings built in the late 1970’s.  The project was purchased in late 2005 by entities affiliated with Roger Dreyer, UCM, and Broadmoor Capital Corporation for approximately $127 per square foot.  At purchase, the properties were approximately 85% leased.  The new ownership increased occupancy and reduced operating costs, increasing the value of the property by approximately $4 million in just six months.  Additionally, per the original business plan, the sponsors mapped the individual 26 buildings as commercial condominiums for sale, and the project sold out.

This is a 14-unit 1980’s vintage townhouse-style apartment project purchased by an LLC formed by a BCC affiliate for approximately $2,200,000, or approximately $160,000 per unit.  The owners invested another $400,000 into the property in renovations including roof replacement, siding replacement and painting, and common area and unit interior upgrades.  The units, all of which are large 2-bedroom 2-bath floorplans with vaulted ceilings and private 2-car garages, were re-sold as individual condominiums upon recordation of the final map at prices ranging between $250,000 and $319,000, generating gross sales proceeds of over $3,500,000.  Return on total investor equity for this project was approximately 400% over an 18-month period.