Invesco picks up Costa Mesa’s Hive campus for $84M

Atlanta firm has invested nearly $190M in LA area over the last year

TRD LOS ANGELES /
Oct.October 29, 2018 12:00 PM
Invesco Real Estate Co. CEO Scott Dennis and the Hive campus

Invesco Real Estate has paid $84 million for the three-building Hive creative office campus in Costa Mesa.

The 181,800-square-foot complex sits on 14.2 acres at 3333-3337 Susan Street and is entitled for another 65,000 square feet of development, according to the Orange County Register. The complex has five tenants and is 82 percent leased.

The seller was a joint venture of Goldman Sachs and Steelwave, which purchased the complex in 2015 for $48 million and renovated it into a creative campus at a cost of around $22 million, according to Newmark Knight Frank, which represented the partners. The sale closed on October 11.

Invesco Real Estate is the real estate arm of Atlanta-based investment manager Invesco. It’s making some big moves around L.A. In September, it forked over $52.5 million to Canadian financial services company Sun Life Assurance Co. for a half-million-square-foot distribution center in Riverside.

In March, the company paid Seritage Growth Properties around $50 million for a stake in its Mark 302 creative conversion project in Downtown Santa Monica. It also owns the Runway Playa Vista complex, Playa Vista’s main retail hub.

The Hive’s most notable tenant is the Los Angeles Chargers football franchise. The team leases 101,800 square feet there for its headquarters. The team has its practice facility on 3.2 acres adjacent to the complex. Other tenants include Lazy Dog Café, Coding Dojo, Agility Fuel Solutions, and Steelwave. [Orange County Register] – Dennis Lynch 


Related Articles

arrow_forward_ios
From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Harbor Associates leases up then sells off its Thousand Oaks office park

9300 Wilshire Boulevard

Land under historic Beverly Hills office building sells for $25M

arrow_forward_ios