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Oaktree/Hines Scores 1M-SF Summerlin Portfolio

LAS VEGAS-Hines, in conjunction with a subsidiary of funds managed by Oaktree Capital Management, has added 32 institutional quality buildings to its holdings.

By John Salustri | Updated on October 02, 2012

LAS VEGAS-Some 32 institutional-quality office assets here, part of the Summerlin portfolio, are now in the hands of a JV between Hines and funds managed by Oaktree Capital Management LP. General Growth Properties was the seller.

The portfolio paces out to 1.1 million square feet, and while no one close to the deal will speak to price, industry sources value the deal just north of $122 million. About 19 acres of development parcels are also part of the mix.

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