International real estate firm Hines recently announced the purchase of Brea Place, a sprawling office campus that also includes a plot of mixed-use development land, part of its ongoing partnership with Oaktree Capital Management. Financial terms of the deal were not disclosed to the press.
Brea Place is an office campus offering a total of 557,589 square feet of space in the North Orange County submarket. The campus comprises six office buildings ranging in height between one and six stories on the east and west sides of S. State College Boulevard, near the Brea Mall. The Brea Place campus has a current occupancy rate of around 75 percent and a variety of tenants. The property’s current tenant roster includes names such as Chevron, Merrill Lynch, MetLife, Wells Fargo, Sully-Miller Contracting Co. and Union Bank. After the completion of the transaction, Hines is assuming management duties for the asset.
Hines also acquired the 30 acre-property for the seven acres that are included in the package and clearly pose a great development opportunity. The acres are targetted for future mixed-use development projects that would increase the value of the asset in terms of future possibilities.
Ray Lawler, a Hines managing director and the person leading the company’s Orange County development and investment, said that the market that Brea Place is part of “is a highly attractive submarket where Hines and Oaktree expect to grow our portfolio.” Representatives of frequent business partner, Oaktree, share the positive outlook regarding the asset. Managing Director Ambrose Fisher noted that the company is “excited to partner with Hines on another significant office opportunity.”