| |
FOR IMMEDIATE RELEASE
July 15, 2003
Premier Business Centers Acquires Three Executive Suite Centers in Irvine, Long Beach, and Newport Beach
Irvine, California based Premier Office Centers, LLC dba Premier Business Centers has acquired three executive office centers from Western Business Centers on June 13, 2003 for an undisclosed purchase price.. The assets consist of three executive suite centers and their respective leaseholds located in Irvine, Long Beach, and the Fashion Island area of Newport Beach. The Bascom Group, LLC has taken ownership under its wholly owned subsidiary, Premier Office Centers, LLC, 2102 Business Center Drive, Irvine, California, 92612.
The locations purchased are as follows: 12,109 square feet at 444 West Ocean Boulevard, Eighth Floor, Long Beach, California; 18,391 square feet at 1 Park Plaza, Suite 600, Irvine, California; and 14,038 square feet at 620 Newport Center Drive, Eleventh Floor, Newport Beach, California. The Long Beach location includes 45 offices in a Class A building with ocean views located on Ocean Boulevard. The Irvine location includes 61 offices in a Class A building located in the prestigious Park Plaza Development. The Newport Beach location is in the prestigious Fashion Island area and includes 45 offices in a Class A building with spectacular ocean views. Newport Beach, California based Robert Rush of US Realty Group represented Premier Business Centers in negotiating lease renewals at the Newport Beach and Irvine locations with the Irvine Company. Premier Business Centers currently operates one of the largest executive suite operations with nineteen locations in California, Washington, and Texas. Premier Business Centers plans to make improvements to each center including upgrades in common areas, phone systems, and copying and computer equipment. The company has plans to acquire and develop 50 executive suite centers over the next five years throughout the Western United States.
Orange County based Bascom Group has also been an active buyer of multi-family product throughout the Southern California region over the past forty-eight months and has closed over 9,000 units to date in Los Angeles, Orange, San Bernardino, San Diego, and Riverside Counties. Derek Chen, Jerome Fink, and David Kim founded the Bascom Group, a private equity fund, in 1996. Bascom’s apartment program typically seeks value-added properties located in in-fill locations and repositions them by adding extensive capital improvements, increasing rents, reducing expenses and implementing institutional quality property management. In addition to their apartment portfolio, Bascom has acquired approximately 3.5 million square feet of industrial product throughout Southern California via the Southern California Industrial Fund, a joint venture with the Magellan Group of Los Angeles. The Bascom Group, along with its parent company Chenco International Investment Company of Las Vegas, has been involved in real estate development and value added programs with a transaction value in excess of $1 billion. Bascom’s capital base includes domestic institutional equity investors as well as private foreign investors.
For additional information regarding this transaction or Premier Business Centers, please contact:
|
|
|
For More Information Call
1-877-MY-SUITE
(877-697-8483)
Copyright © 2003 - Premier Business Centers. All rights reserved.
|
|
