Ares Management pays $125M for Huntington Beach office complex

PGIM was the seller of One Pacific Plaza, a 3-building campus

Los Angeles /
Nov.November 30, 2018 02:00 PM
Ares CEO Michael Arougheti and 7777 center drive Huntington Beach (Credit: Ares Management, One Pacific Plaza, and iStock)

Alternative asset manager Ares Management paid $124.5 million for a three-building Huntington Beach office campus, The Real Deal has learned.

The Century City-based firm’s deal worked out to about $325 per square foot for One Pacific Plaza, a 383,000-square-foot complex.

The seller was PGIM Real Estate, formerly called Prudential Real Estate Investors. The deal closed late last month, property records show.

Located at 7777 Center Drive, the Class A property includes a 12-story building spanning 193,000 square feet, and two, six-story buildings that total 189,165 square feet. There’s also on-site security, parking, and an outdoor seating area.

BJ’s Restaurants, which owns and operates 198 locations, has its headquarters at the 12-story building. The company renewed its 57,100-square-foot lease earlier this year.

Representatives from PGIM and Ares did not immediately respond to requests for comment.

PGIM acquired the three-building campus in May 2014, when it paid $93.6 million. The sellers, Lincoln Property and GEM Realty Capital, had owned the campus since 2011, and had completed several upgrades before the sale.

Ares, led by CEO and co-founder Michael Arougheti, invests in properties around the country. In August, the firm picked up a 400-unit garden apartment complex in New York for more than $100 million.

The company’s investment in Orange County follows another large investment there from Olympus Property, a multifamily firm based in Texas. The firm acquired a newly built apartment complex in Irvine for $118.5 million earlier this month, one of the largest multifamily sales in the county this year.


Related Articles

arrow_forward_ios
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
15 Del Mar, Newport Coast (Google Maps)

Newport Coast news: Mansion sale breaks record

Newport Coast news: Mansion sale breaks record
The Silverado Fire in Irvine, CA (Getty)

OC wildfires prompt tens of thousands to evacuate

OC wildfires prompt tens of thousands to evacuate
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
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
Claus Dieckell and Milan Capital Management's Anaheim office (Google Maps)

Accountant sentenced to prison for ripping off Orange County developer

Accountant sentenced to prison for ripping off Orange County developer
arrow_forward_ios

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

Loading...