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The Real Deal Los Angeles

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

The 576K sf property was largest buy in the area this year
July 11, 2018 03:26PM

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