8/11/2006

GLL Properties buys Orinda Theater Square for $29 million

by
GLL Properties purchased the struggling 87,000-square-foot Orinda Theater Square on Aug. 10, from ScanlanKemperBard for $29 million.

ScanlanKemperBard purchased the property for $18 million in 2004, and spent $4 million in renovations in 2004.

Orinda Theater Square is a Class A building that features a historical theater, the Renaissance Rialto, built in 1941, with office and retail space added in 1990. The property was completely renovated in 2004, and is currently 94 percent leased.

In addition to the theater, tenants include offices of Alain Pinel Realtors, Morgan Stanley, and law firm Gillen Jacobsen Ellis & Larsen, as well as a day spa, restaurants and 321 underground parking spaces.

GLL Properties is the U.S. subsidiary of GLL Real Estate Partners of Munich. They were represented by the Palmer Team.


Address:#2 Theatre Square, Orinda, Calif.

Size:87,000 square feet

Built:1941 & 1990

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Filed Under: Retail

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