Hines acquires Raytheon Campus in Fullerton, California
Hines, along with a subsidiary of a real estate fund managed by Oaktree Capital Management, has acquired the Raytheon Campus in Fullerton, California from an undisclosed seller.
The two-building, 405,130-square-foot suburban office complex is located at 1801 Hughes Drive.
The Cushman & Wakefield brokers representing the seller were Jim Jordan, David Hasbrouck, Ben Cooper and David Dowd.
Built in 1986, the property is situated on 25 acres of land and is comprised of two, three-story office buildings located in the heart of the North Orange County submarket. The property is fully leased to Raytheon, one of the world's leading defence and technology contractors.
Hines managing director Ray Lawler, who leads the firm's Orange County development and investment office, says: "We are pleased to add Raytheon's Fullerton Campus to our Orange County portfolio. It caps a tremendous 2012 year, which included three separate acquisitions in Orange County, totalling 650,000 square feet with our partner Oaktree Capital Management."
"This transaction is a great example of our ability to get comfortable with a complex structure and meet a very quick closing timeline. We look forward to expanding our Orange County portfolio in 2013," says Mark Jacobs, managing director for Oaktree Capital Management.