Hines Acquires Canyon Corporate Center in Anaheim, CA - Hines

Hines Acquires Canyon Corporate Center in Anaheim, CA

(ANAHEIM, CA) – Hines, the international real estate firm, announced today that along with a fund managed by Oaktree Capital Management, L.P. (“Oaktree”), it has acquired Canyon Corporate Center, a two-story, office/flex building totaling 155,351 rentable square feet in Anaheim, CA. Financials on the deal were not disclosed. The building was sold by Jeff Cole and Ed Hernandez at Cushman and Wakefield.

Hines plans an extensive capital improvement program that will transform the asset into one of the most unique and differentiated office environments in the Anaheim Canyon submarket. The strategic capital upgrades will focus on the lobby and outdoor amenity areas to heighten the appeal and usability of the building’s interior and exterior spaces. In addition, Hines will transform the space into flexible, high-bay office space with large windows, skylights and configurations that will attract flex-office and creative tenants. The capital improvements will be led by local architecture firm Westgroup Designs and landscape architecture firm Ridge Landscape Architects. Leasing will be led by Rick Warner, David Dowd, Chip Warner and Jennifer Whittington at CBRE.

Canyon Corporate Center is currently 55 percent leased and offers a 70,000-square-foot vacant block, one of the few remaining large blocks in North County. The big block vacancy offers over seven stalls per 1,000 square feet, a parking ratio unmatched by other availabilities on the market.

The property provides immediate access to the Riverside (SR-91), Costa Mesa (SR-55), and Orange (SR-57) Freeways, and is approximately 20 minutes from John Wayne Airport. Numerous name-brand restaurants are within walking distance, in addition to six hotels and 15 shopping centers within three miles of the property. Hines has assumed on-site property management responsibilities on behalf of the joint venture.

Hines Managing Director Ray Lawler, who leads the firm’s Orange County development and investment office, said, “We have a robust capital improvement program planned for Canyon Corporate Center. These improvements will build on the project’s outstanding existing tenancy, large floor plates, high ceiling heights, attractive common areas and over standard parking. This project is an excellent addition to our Orange County portfolio.”

Oaktree Managing Director Ambrose Fisher added, “We continue to strongly believe in the growth of the Orange County office market and we are excited to add Canyon Corporate Center to our portfolio. Canyon Corporate is our 11th deal with the Hines Orange County team. The Oaktree/Hines Orange County team has owned and operated a portfolio of nearly 3 million square feet.”

Oaktree is a leader among global investment managers specializing in alternative investments, with $100 billion in assets under management as of September 30, 2015. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 199 cities in 19 countries. Hines has $87 billion of assets under management, including $43 billion for which Hines provides fiduciary investment management services, and $44 billion for which Hines provides third-party property-level services. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,100 properties, totaling over 346 million square feet. The firm’s current property and asset management portfolio includes 531 properties, representing over 186 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.

Canyon Corporate Center
Caption Canyon Corporate Center

Contact Hines

Headquarters

Global Headquarters

2800 Post Oak Blvd.
Houston, TX 77056-6188
United States
1 713 621 8000
Contact Hines

European Headquarters

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900

Regional Offices

U.S. East Region

345 Hudson Street
12th Floor
New York, NY 10014
United States
1 212 230 2300

U.S. Midwest Region

444 West Lake Street
Suite 2400
Chicago, IL 60606
United States
1 312 419 4900

U.S. Southeast Region

5 Ravinia Dr NE
Atlanta, GA 30346
United States
1 770 206 5300

U.S. Southwest Region

609 Main St.
Suite 2400
Houston, TX 77002
United States
1 713 237 5600

U.S. West Region

101 California Street
Suite 1000
San Francisco, CA 94111
United States
1 415 982 6200

Asia Pacific Region

1 Connaught Road, 28F
Central, Hong Kong

Eurasia Region

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

European Region

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900

International Offices

Australia

20 Hunter St
Level 10
Sydney, NSW 2000
Australia
61 2 9232 3137

Brazil

Av. das Nações Unidas, 12901
Torre Norte - 6 ° andar
São Paulo 04578-910
Brazil
55 11 5504 7600

Canada

200 King Street West
Suite 1805
Toronto, ON M5H 3T4
Canada
416 595 1949

China

Suite 333, Hyundai Motor Tower
38 Xiaoyun Road, Chaoyang District
Beijing, PRC 100027
China
8610 8453 8855

France

66 Avenue Charles de Gaulle
Neuilly-sur-Seine, IDF 92522
France
33 1 41 45 80 80

Germany

Hines Immobilien GmbH
Joachimsthaler Str. 1
D - 10623 Berlin
Germany
49 30 726241 100

Greece

Voukourestiou 19
Athens 106 71
Greece
30 210 364 7895

India

One Horizon Center
12th Floor
Gurgaon, Haryana 122002
India
91 124 480 2222

Ireland

Block 2, First Floor
Clanwilliam House, Clanwilliam Place
Dublin 2
Ireland
353 1 7999900
Dublin.OfficeAdmin@hines.com

Italy

Via Broletto, 35
Milan 20121
Italy
0039 02 8962921

Japan

Akasaka K Tower Level 4
1-2-7 Motoakasaka, Minato-ku
Tokyo 107-0051
Japan
81 90 9854 5236

Luxembourg

35 F, John F. Kennedy
Luxembourg L-1855

352 264 337 1

Mexico

Torre del Angel
Reforma 350
Mexico D.F. 06600
Mexico
52 55 52428809

The Netherlands

Gustav Mahlerplein 28
Amsterdam, NH 1082 MA
Netherlands
31 6 30 70 81 29

Nordic Countries

Forbindelsesvej 4
Copenhagen 2100
Denmark
44 7815 285 191

Panama

Torre B Piso 15
Torre de las Americas
Punta Pacifica, Panama City
Panama
507 028 20 7375

Poland

Prosta Street 68
Warsaw 00-838
Poland
48 22 351 2400

Russia

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

Spain

Sor Ángela de la Cruz, 2° - 2° C
Edificio Cuzco III
Madrid 28020
Spain
34 91 703 00 23

South Korea

Glass Tower, Level 20
534 Teheran-ro, Gangnam-gu
Seoul 06181
Republic of Korea
82 2 3439 9141

United Kingdom

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900