Hines To Still Manage Portfolio After Interest Sale

(RealShare Orange County convenes at the Hyatt Regency, Irvine, August 16.)

ORANGE COUNTY, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but Houston-based Hines has sold its ownership interest in HSC Partners—owners of the portfolio previously known as the Cabi/Arden portfolio—to its existing equity partners. The portfolio is located across Southern California.

According to a prepared company statement, the 4.5-million-square-foot office portfolio is located in a total of 59 buildings from Ventura to San Diego counties. Hines tells GlobeSt.com that it cannot comment or provide any further information at this time.

Financials on the sale, which occurred upon mutually agreeable terms between the buyer and seller, were not disclosed. The buyer has retained Hines to manage the properties under a long-term management agreement.

Hines has been busy out of the country recently. As GlobeSt.com reported, Hines recently purchased the two-office Broadgate West complex in London for roughly $447 million and is acting on more than two million square feet of projects valued at $1.2 billion. And in Brisbane, Australia, through its Global REIT trust, it now owns two fully-occupied offices in the country, where cap rates are compressing slower than in the US, as GlobeSt.com reported.