BREA, CA—International real estate firm Hines says that it, along with a subsidiary of a real estate fund managed by Oaktree Capital Management, L.P., has acquired Brea Place, a 557,589-square-foot office campus on 30 acres, including seven acres of future mixed-use development land. The campus comprises six buildings that range from one to six stories on both the east and west sides of S. State College Boulevard, immediately adjacent to the Brea Mall. Financials on the deal were not disclosed.

Located within the North Orange County submarket, Brea Place has convenient access to major freeways servicing the vast Los Angeles, Inland Empire and greater Orange County employment hubs. In addition, the project's location provides excellent access to retail, dining and hospitality amenities, including the adjacent 1.3 million-square-foot Brea Mall.

Hines managing director Ray Lawler, who leads the firm's Orange County development and investment office, said, “North Orange County is a highly attractive submarket where Hines and Oaktree expect to grow our portfolio. The accessibility to the Orange County, Inland Empire and Los Angeles labor pools, coupled with strong demographics, make Brea a great opportunity for investment. Brea Place is a premier office campus in this submarket and the surrounding area's business environment is strong.”

Oaktree managing director Ambrose Fisher added, “We are excited to partner with Hines on another significant office opportunity in Orange County. This is our ninth deal together, which brings our Orange County portfolio to more than 2.2 million square feet. Our strategic capital upgrades, including new lobbies, upgraded landscaping, and enhanced and additional on-site signage, will greatly improve the campus. These upgrades, along with improving market fundamentals, will help drive leasing momentum and increase tenant satisfaction.”

The campus is currently 75% leased to 24 tenants, including: Chevron Corporation, Merrill Lynch, MetLife, Wells Fargo, Sully-Miller Contracting Co., and Union Bank. Hines has assumed on-site property management responsibilities on behalf of the joint venture.