(IRVINE, CA) – Hines, the international real estate firm, announced today that along with a subsidiary of a real estate fund managed by Oaktree Capital Management, L.P. (Oaktree), it has acquired Savi Tech Center, a 372,327-square-foot, four-building office and research development campus located in Yorba Linda, CA, from LNR Property LLC.
Financials on the deal were not disclosed.
Greg Brown, Jeff Chiate, Jeff Cole and Ed Hernandez of Cushman and Wakefield represented the seller in the transaction.
22705 E. Savi Ranch Parkway contains two stories, 108,739 square feet and was completed in 1989.
22715 E. Savi Ranch Parkway contains two stories, 71,148 square feet and was completed in 1985.
22725 E. Savi Ranch Parkway contains two stories, 51,213 square feet and was completed in 1985.
22745 E. Savi Ranch Parkway contains two stories, 141,227 square feet and was completed in 1985.
Located within the North Orange County submarket, Savi Tech Center has convenient access to major freeways and to the vast Los Angeles and Inland Empire employment hubs.
In addition, the project is situated within the well-amenitized, mixed-use Savi Ranch Center.
Hines plans improvements at the property to include lobby and restroom renovations, exterior landscaping and signage upgrades, and upgrades to the existing HVAC systems.
Hines Managing Director Ray Lawler, who leads the firm’s Orange County development and investment office, said, “We are pleased to add Savi Tech Center to our growing Orange County portfolio.
The property is one of the largest corporate campuses in the submarket, and the surrounding area’s business environment is strong.”
Oaktree Managing Director Ambrose Fisher added, "Given the quality of this location and the solid market fundamentals of Orange County, we believe Savi Tech Center is a strategic acquisition for our portfolio.
We look forward to working with Hines on the project.”
The campus is currently 87 percent leased to three tenants:
Ashley Furniture Homestores; CareFusion, Inc.; and Nobel Biocare USA, Inc.
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 $76.4 billion in assets under management as of June 30, 2013. 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 750 employees and offices in 13 cities worldwide. For additional information, please visit Oaktree’s website 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 1,283 properties representing more than 516 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 378 properties totaling 151.9 million square feet, which includes 84.3 million square feet for third parties.
With offices in 111 cities in 18 countries, and controlled assets valued at approximately $25.2 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.
Savi Tech Center - CareFusion, Inc.
Savi Tech Center - Ashley Furniture Homestores