(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.