YORBA LINDA, CA-A joint venture between international real estate firm Hines and a subsidiary of a real estate fund managed by Oaktree Capital Management L.P. has acquired Savi Tech Center, a 372,327-square-foot, four-building office and R&D campus here, from LNR Property LLC. Financials on the deal were not disclosed to GlobeSt.com.
The campus is 87% leased to three tenants: Ashley Furniture Homestores, CareFusion Inc. and Nobel Biocare USA Inc. Hines has assumed on-site property-management responsibilities on behalf of the joint venture.
Greg Brown, Jeff Chiate, Jeff Cole and Ed Hernandez of Cushman & Wakefield represented the seller in the transaction.
The four two-story buildings on the campus include:
- 22705 E. Savi Ranch Pkwy.—a 108,739-square-foot building completed in 1989
- 22715 E. Savi Ranch Pkwy.—a 71,148-square-foot building completed in 1985
- 22725 E. Savi Ranch Pkwy.—a 51,213-square-foot building completed in 1985
- 22745 E. Savi Ranch Pkwy.—a 141,277-square-foot building completed in 1985.
The property is located within the North Orange County submarket and has convenient access to major freeways and to major Los Angeles and Inland Empire employment hubs. In addition, the project is situated within the well-amenitized, mixed-useSavi Ranch Center. Hines is planning improvements that include lobby and restroom renovations, exterior landscaping and signage upgrades and upgrades to the existing HVAC systems.
“We are pleased to add Savi Tech Center to our growing Orange County portfolio,” says Ray Lawler, Hines' managing director. “The property is one of the largest corporate campuses in the submarket, and the surrounding area's business environment is strong.”
Ambrose Fisher, managing director of Oaktree, adds, “Given the quality of this location and the solid market fundamentals of Orange County, we believe Savi Tech Center is a strategic acquisition for our portfolio. We look forward to working with Hines on the project.”
As GlobeSt.com reported in September, a joint venture between Hines and a subsidiary of a real estate fund managed by Oaktree Capital Management L.P. has acquired 17850 Von Karman, a .65-acre site in Irvine's Main Corporate Center, for an undisclosed amount. Hines plans to develop a 242,000-square-foot, class-A office building on the site without a particular tenant in mind.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
