FULLERTON, CA-International real estate firm Hines and a subsidiary of a real estate fund managed by Oaktree Capital Management L.P. acquired the Raytheon Campus here at the end of 2012 from an undisclosed seller. The two-building, 405,130-square-foot suburban-office complex at 1801 Hughes Dr. was purchased for a price undisclosed to GlobeSt.com.
The seller was represented by Cushman & Wakefield brokers Jim Jordan, David Hasbrouck, Ben Cooper and David Dowd.
Built in 1986, the property is located on 25 acres of land and is composed of two three-story office buildings in the North Orange County submarket. It is fully leased to Raytheon, a leading defense and technology contractor.
“We are pleased to add Raytheon’s Fullerton Campus to our Orange County portfolio,” said Hines’ managing director Ray Lawler, in a prepared statement. “It caps a tremendous 2012 year, which included three separate acquisitions in Orange County, totaling 650,000 square feet with our partner Oaktree Capital Management.”
Oaktree’s managing director Mark Jacobs added that the transaction was “a great example of our ability to get comfortable with a complex structure and meet a very quick closing timeline. We look forward to expanding our Orange County portfolio in 2013.”
As GlobeSt.com reported in December 2012, Hines’ Irvine, CA, office and a subsidiary of a real estate fund management by Oaktree acquired Irvine Corporate Center, an office building within the Irvine Business Complex, for a price undisclosed to GlobeSt.com. The purchase from Sunamerica Life Insurance Co. was a 126,622-square-foot building at 1821 E. Dyer Rd., southeast of the 55 Freeway near John Wayne Airport.
In other Hines news, the firm has closed on a 3.5-acre parcel in Pasadena, CA, for the development of a new class-A for-rent residential complex as part of its multifamily division, formed in January 2011. Designed by Newman Garrison + Partners of Newport Beach, CA, the development will include 212 residences in a four-story building above two parking levels. Located on the corner of Foothill Blvd. and Sierra Madres Villa Rd., the project will provide excellent vehicular and public-transit access throughout Pasadena and the greater L.A. area.
The land site is immediately adjacent to the Sierra Madre Villa light rail station, less than one block from the 210 Freeway and within walking distance to many restaurants, grocery stores, department stores and convenience retail. According to John Favreau, Hines’ managing director and leader for the firm’s West Region multifamily platform, “We believe that the strength of the location and surrounding amenities position this development to take full advantage of the continued growth in the region.”
Senior managing director in charge of the firm’s multifamily division Alan Patton added, “We are looking at all of the key markets.”