Hines pays $50M for 11-building complex in City of Industry

Hines, which recently closed the biggest office transaction in Orange County this year, added to its extensive deal sheet by paying $50 million for an industrial complex in the City of Industry.

The deal includes seven parcels on the corner of Amar Road and Echelon Avenue. The addresses covered in the transaction are 15940, 15941, 16000 and 16040 Kaplan Avenue and 15940, 16016 and 16023 Amar Road, according to a deed filed with Los Angeles County. The complex includes a total of 11 buildings ranging from 10,270 square feet to 33,000 square feet, city records show.

The seller is Arcadia-based Positive Investments. The firm acquired the site for $4.2 million in 2004.

The deal comes weeks after Hines sold the Intersect, a four-building office campus in Irvine, in a $235 million deal. The deal ranks as the priciest for an office property in Orange County this year. The buyer was a partnership that included insurance firm MetLife and Dutch investment company PGGM.

The Houston-based developer earlier announced that it spent $250 million on a portfolio of properties spread across Southern California. The package includes the JCPenney location at Westfield Culver City and a Tustin facility that’s fully leased to pharmaceutical manufacturer Avid Bioservices.  Other assets in the package include a four-building office campus in San Diego, a Torrance medical office building and an RV storage yard in Santa Ana.

Elsewhere in California, Hines has filed plans to redevelop an aging tech campus in Fremont. That property, at 4900, 49036 and 49086 Milmont Drive, will be converted into a 265,600-square-foot industrial building that potentially could be leased to Amazon.