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

The 576K sf property was largest buy in the area this year

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

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

The project site (Credit: Google Maps)

New venture Staley Point Capital plans self-storage facility in LA Opportunity Zone

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project