Hines JV Acquires Mixed-Use Anaheim Campus
- Feb 09, 2017
Anaheim, Calif.—Hines has announced that, in partnership with a fund managed by Oaktree Capital Management LP, it has acquired Pacific Center in Anaheim. The mixed-use campus is located at the intersection of North Tustin and E. La Palma Avenues.
The property comprises four buildings totaling 143,000 square feet across 15.5 acres. Built between 1985 and 1991, the campus consists of Class A office, flex-industrial, and retail, also offers land for further development. The property was 93 percent leased upon acquisition. Vacancies can be found in the retail portion of the campus, with a capital improvement program set in place to include new site work, landscaping, premier signage and updates to building facades. Construction will begin in spring 2017.
The campus offers immediate access to major thoroughfares including the Riverside and Costa Mesa freeways, also hosting the Anaheim Canyon Metrolink station.
“The on-site Metrolink station provides an opportunity for walkable, transit-oriented, mixed-use development in the Orange County area,” said Ray Lawler, managing director at Hines, in prepared remarks. “We see the transit-centered nature of the site as one of the most compelling features of the project and are eager to improve the campus through our strategic capital plan.”
Image courtesy of Hines