Hines, Oaktree acquire office complex for $115M in hot Brea commercial market

Los Angeles /
Jul.July 11, 2018 03:26 PM
The Beckman Coulter Campus (Credit: Hines)

The pace of commercial trades in the Brea submarket continues to accelerate.

Hines and Oaktree Capital closed the largest real estate deal of the year in the Orange County city, buying the 34-acre Beckman Coulter Campus office and industrial center for $115.25 million, according to CoStar.

The purchase of the five-building complex by Houston-based Hines and Los Angeles-based Oaktree, works out to $200 per square foot. It was the 10th acquisition in the Orange County submarket the firms completed together.

The Beckman Coulter Campus, at 250 South Kraemer Blvd., is 576,234 square feet and includes 1,642 surface parking stalls, outdoor common areas, fitness centers, on-campus dining and community living space. It will remain 100 percent leased to Beckman Coulter, a biomedical device producer.

The deal bests the purchase in March of a 329,000-square-foot manufacturing facility at 300 East Cypress St. for $50 million. It comes amid tight vacancies that are pushing up commercial rents, and have led developers to deliver almost 1 million square feet of new inventory in Brea in the past three years, CoStar reported.

Brea is Orange County’s northernmost submarket, pulling in workers from Orange County, L.A. and the Inland Empire.

Hines’ portfolio with Oaktree properties includes a Raytheon campus in Fullerton, the PacSun campus in Anaheim, and the Volt Information Sciences campus in Orange. [Costar] — Alexei Barrionuevo


Related Articles

arrow_forward_ios
Howard Schwimmer and Michael S. Frankel with 3629-3963 Workman Mill Road (top) and 13943-13955 Balboa Boulevard (Google Maps)

Rexford pays $340M for 2 industrial parks

Rexford pays $340M for 2 industrial parks
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
Golden Springs Business Center

Logistics firm inks big lease in Santa Fe Springs as industrial demand remains high

Logistics firm inks big lease in Santa Fe Springs as industrial demand remains high
Heather Crossner and the site (Credit: Google Maps)

Bridge Development plans distribution center outside Torrance

Bridge Development plans distribution center outside Torrance
Daniel J. Moore and the site (Credit: Rockefeller Group)

Rockefeller Group snags Inland Empire site for logistics centers

Rockefeller Group snags Inland Empire site for logistics centers
Chris DeWitt, and the property (Credit: Google Maps)

Made Goods furniture wholesaler inks giant lease in City of Industry

Made Goods furniture wholesaler inks giant lease in City of Industry
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...