RREEF Property Trust Acquires Anaheim Hills Office Plaza in Southern California
NEW YORK--(BUSINESS WIRE)--RREEF Property Trust, Inc. today announced the acquisition of Anaheim Hills Office Plaza, a high-quality multi-tenant office building in Orange County, California for $18.5 million.
“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.”
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% leased to three businesses in the diverse 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,” said Todd Henderson, Chairman of the Board of RREEF Property Trust and Head of Real Estate, Americas at Deutsche Asset & Wealth Management. He added, “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."
RREEF Property Trust
RREEF Property Trust is a publicly registered, non-traded, daily NAV real estate investment trust. RREEF Property Trust employs a blended strategy that includes commercial real estate, publicly-traded real estate securities, real estate-related debt and cash and cash equivalents. RREEF Property Trust targets investments in income-producing properties with established cash flow and the potential for value appreciation. RREEF Property Trust focuses primarily on U.S. commercial real estate assets selected from the industrial, retail, office and multifamily sectors. RREEF Property Trust maintains a website at www.rreefpropertytrust.com.
RREEF America L.L.C. is the sponsor and advisor of RREEF Property Trust. RREEF America L.L.C., together with its affiliates in Europe and Asia comprise the global real estate investment business of Deutsche Asset & Wealth Management (formerly RREEF Real Estate), a division of Deutsche Bank A.G., or Deutsche Bank.
Deutsche Asset & Wealth Management – Real Estate
Deutsche Asset & Wealth Management’s real estate investment business has been investing in real estate assets for more than 40 years. As part of the Alternatives and Real Assets platform, this business today has more than 450 employees around the world and US$48.3 /€35.04 billion in assets under management as of March 31, 2014, and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide. To learn more about Deutsche Asset & Wealth Management's real estate investment capabilities, go to www.rreef.com
Deutsche Asset & Wealth Management
With $1.29 trillion of assets under management (as of March 31, 2014), Deutsche Asset & Wealth Management¹ is one of the world's leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-net-worth individuals and family offices.
¹ Deutsche Asset & Wealth Management is the brand name of the Asset & Wealth Management division of the Deutsche Bank Group. The legal entities offering products or services under the Deutsche Asset & Wealth Management brand are listed in contracts, sales materials and other product information documents.