Orange County Office Campus Changes Hands
- Mar 18, 2016
Los Angeles—Hines and a fund managed by Oaktree Capital Management LP, have acquired The Volt Campus, a two-story, four-building office campus totaling 191,127 rentable square feet on 11.9 acres in Orange, Calif., from Volt Information Sciences.
Under terms of the deal, Volt will leaseback 100 percent of the campus for 15 years. The sale price was not disclosed.
“The Volt Campus is an excellent addition to our Orange County portfolio and our first purchase in the City of Orange,” Ray Lawler, Hines managing director, said in a prepared release. “The Volt Campus is the 13th Orange County Hines/Oaktree acquisition and our portfolio is spread across eight cities to include Anaheim, Brea, Fullerton, Irvine, Newport Beach, Orange, Santa Ana and Yorba Linda.”
Hines has assumed on-site property management responsibilities on behalf of the joint venture.
According to Lawler, the property offers strong, long-term tenancy that provides stable cash flow, discount to replacement costs, market recovery and strong rent-growth projections, plus a strategic location that provides access to Orange County, Los Angeles and Inland Empire labor pools.
Additionally, the property provides immediate access to the Riverside (SR-91), Costa Mesa (SR-55), and Orange (SR-57) Freeways, and is approximately 20 minutes from John Wayne Airport.
The building is currently 100 percent leased for 15 years, and there are no immediate plans for upgrades, however Hines does see opportunities to proactively add value.