Hines Strengthens its Foothold in the Orange County Office Market
- Jan 27, 2016
By Alex Girda, Associate Editor
Anaheim, Calif. – The Canyon Corporate Center is the most recent acquisition completed by international real estate firm Hines. Purchased for an undisclosed fee in conjunction with a fund managed by Oaktree Capital Management, the Anaheim office property is set for improvement. The transaction was arranged by Cushman and Wakefield representatives Jeff Cole and Ed Hernandez.
Located at 5515 E La Palma Ave., the property totals 155,351 rentable square feet of office/flex space. The property offers a block of vacant space totaling approximately 70,000 square feet. The lot offers seven stalls per 1,000 square feet, which results in one of the best parking ratios in the area.
Currently operating at around 55 percent occupancy, Canyon Corporate Center is set to undergo an extensive capital improvement program aimed to boost leasing at the property. The new ownership will focus on turning the property into flexible, high-bay office space with open features such as skylights and large windows that will cater to companies looking for creative space.
Access to the property is facilitated by proximity to the Riverside, Costa Mesa, and Orange Freeways, while the John Wayne Airport is just 20 minutes away from the property.
Following the acquisition, property management duties have been taken over by Hines. All leasing duties at the property will be handled by CBRE’s Rick Warner, David Dowd, Chip Warner and Jennifer Whittington.