IRVINE, CA-Hines has acquired a 260,000-sf office and warehouse property at 2323 Main St. in a joint venture with Buchanan Street Partners and plans to renovate the property for a corporate headquarters user. Terms of the deal were not disclosed, but market sources tell GlobeSt.com that the property sold for a price in the range of $30 million.

The 2323 Main St. property is at the corner of Main Street and Von Karman Avenue in the Irvine Business Complex. Doug Holte, western regional partner for Hines, says that the building will undergo a comprehensive renovation and will be marketed to companies seeking contiguous space of its size and caliber.

The deal marks the fourth major acquisition by Hines in Irvine since it entered the Orange County market in 2005, and the third acquisition of warehouse property by Hines in the Irvine Business Complex since August. "Hines is committed to establishing a strong footprint in Orange County," says Holte, who notes that the company has assembled holdings capable of supporting approximately 1.2 million sf of new or renovated commercial space.

In the 2323 Main St. transaction, Hines and Buchanan were represented by David Whitney of Lee & Associates. The seller, a private party, was represented by Tim Strader Jr. of Starpointe Ventures.

Before acquiring the 2323 Main St. property, Hines had also recently acquired 15.65 contiguous acres assembled from two separately purchased parcels, with a large portion of the newly acquired property fronting Michelson Drive at Jamboree Road. Both individual parcels contain existing warehouse buildings slated for redevelopment.

Holte says that Hines is especially focused on the Irvine Business Complex, the area around John Wayne Airport. Starting with the repositioning of 2323 Main St. property, Holte says that Hines sees an opportunity to redevelop along Von Karman Avenue north of the 405 Freeway, which it views as one of the most promising commercial corridors in the IBC.

In addition to its redevelopment and repositioning projects, Hines is under way in a joint venture with Crescent Real Estate on a 265,000-sf class A office tower at 2211 Michelson Dr. The new 12-story tower is being developed in the original Koll Center Irvine South Campus, which is now known as Von Karman Towers.