Hines JV Sells Orange County Asset for $77M
Fully leased to Raytheon, the office campus previously traded in 2012.
Raytheon Campus came online in 1986. Image courtesy of Cushman & Wakefield
The joint venture of Hines Interests and Oaktree Capital Management has sold Raytheon Campus, a 405,130-square-foot office complex in Fullerton, Calif. The buyer, a local family investor, paid $76.5 million for the Class A property. Cushman & Wakefield represented the seller.
Raytheon Campus was the largest office property to change hands in Orange County since the beginning of the year, according to CommercialEdge data. However, at $188.8 per square foot, the asset was not the priciest; nearly 3.2 million square feet of office space sold across the market year-to-date as of September for an average $201.6 per square foot.
Raytheon Campus, up close
The partnership had purchased the asset back in 2012 for $50 million, according to CommercialEdge data. Completed in 1986, the campus encompasses two three-story buildings on a 33.8-acre site. Raytheon has been the sole tenant of the property since 1985.
Located at 1801 Hughes Drive in North Orange County, the office complex is near Interstate 5, which provides direct access to downtown Los Angeles. Brea Mall, Ralph B. Clark Park and an abundance of dining options are within a 5-mile radius.
Cushman & Wakefield’s Director Nico Napolitano, Vice Chairmans Jeffrey Cole and Jeff Chiate, Executive Vice Chairman Rick Ellison, Executive Managing Director Scott Selke and Associate Brad Brandenburg negotiated on behalf of Hines.
Historically, Hines has developed, redeveloped or acquired 1,610 properties totaling more than 537 million square feet across the world. The firm recently topped out a 235,000-square-foot mass timber office building in Denver, alongside Ivanhoé Cambridge and McCaffrey. The project is expected to be one of the most sustainable and environmentally friendly developments in the city.
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