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
Irvine Co.'s Donald Bren and The Market Place at 2961 El Camino Real (Irvine Company, Google Maps)
Irvine Co. plans 2,500 lower-rent apartments in OC
Irvine Co. plans 2,500 lower-rent apartments in OC
DTLA office buildings
LA office leasing slows with deals “falling out of contract”
LA office leasing slows with deals “falling out of contract”
Queen Mary (Google Maps, iStock)
Long Beach to size up Queen Mary in wake of failed redevelopment plan
Long Beach to size up Queen Mary in wake of failed redevelopment plan
Prologis' Hamid Moghadam and 8819 E Edison Ave in Ontario (Google Maps, Prologis)
Prologis gets option on 177 more acres in Ontario Ranch
Prologis gets option on 177 more acres in Ontario Ranch
SRG's Chris Payne and Burnham Ward's Bryon Ward with rendering of New Laguna Niguel City Center (Sares Regis Group, Burnham Ward Properties)
‘Napa Valley-esque’ downtown to be built in Laguna Niguel
‘Napa Valley-esque’ downtown to be built in Laguna Niguel
From left: 17877 & 17875 Von Karman Ave in Irvine, PGGM CEO Edwin Velzel and MetLife CEO Michel Khalaf (LoopNet, PGGM, MetLife)
MetLife, PGGM buy Irvine creative office in biggest OC deal of year
MetLife, PGGM buy Irvine creative office in biggest OC deal of year
LaTerra Development's Charles Tourtellotte with 4112 Del Rey Avenue (LinkedIn, Loopnet)
LaTerra buys Marina del Rey office complex
LaTerra buys Marina del Rey office complex
CIM’s Shaul Kuba with renderings of the project at 6007 Sunset Blvd in Hollywood (Getty, CIM Group)
CIM sells site of 109-unit resi development in Hollywood
CIM sells site of 109-unit resi development in Hollywood
arrow_forward_ios

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

Loading...