(CARLSBAD, CA) – Hines, the international real estate firm, announced today that along with a real estate fund managed by Oaktree Capital Management, L.P. (Oaktree), it has acquired 2051 Palomar, a 178,570-square-foot office/research & development project on a 13-acre site, in Carlsbad, California.
The seller was represented by Greg Mills, Michael Lawrence, Ben Tashakorian and Alex Jize of Marcus & Millichap. Financials on the deal were not disclosed.
Located 35 miles north of downtown San Diego, 20 miles north of UTC, and 50 miles south of Irvine, the Carlsbad submarket offers alternatives to other submarkets by focusing on ease of access and lifestyle.
2051 Palomar is located in the heart of the Carlsbad submarket and boasts prominent visibility from the main parkway.
With direct access to Palomar Airport Road, the property provides easy access to local amenities.
Hines Senior Managing Director Paul Twardowski said, “Carlsbad is a highly attractive submarket where Hines and Oaktree expect to grow our portfolio.
The strong industry and excellent lifestyle options, coupled with strong demographics, make 2051 Palomar a great opportunity for investment.”
Oaktree Managing Director Ambrose Fisher added, “We are excited to partner with Hines on another significant investment in California.
Our strategic plan includes comprehensive improvements to the building facade and interiors, as well as upgraded landscaping.
These upgrades, along with improving market fundamentals, will help drive leasing momentum and tenant satisfaction.”
The project is currently 64 percent leased to two tenants, including: Activision Blizard, Inc. and Melles Griot (CVI Laser Optics).
Hines has assumed on-site property management responsibilities on behalf of the joint venture.
Oaktree is a leader among global investment managers specializing in alternative investments, with $93.2 billion in assets under management as of September 30, 2014.
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 Web site at www.oaktreecapital.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide.
The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,317 properties representing more than 541 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
Currently, Hines manages 391 properties totaling 161 million square feet, which includes 89.1 million square feet for third parties.
With offices in 115 cities in 18 countries, and controlled assets valued at approximately $28.2 billion, Hines is one of the largest real estate organizations in the world.
Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
Visit www.hines.com for more information.