Hines/Oaktree venture acquires Savi Tech Center in California
Hines, along with a subsidiary of a real estate fund managed by Oaktree Capital Management, has acquired Savi Tech Center, a 372,327-square-foot, four-building office and research development campus located in Yorba Linda, California, from LNR Property.
Financials on the deal have not been disclosed.
Greg Brown, Jeff Chiate, Jeff Cole and Ed Hernandez of Cushman and Wakefield represented the seller in the transaction.
Located within the North Orange County submarket, Savi Tech Center has convenient access to major freeways and to the vast Los Angeles and Inland Empire employment hubs. In addition, the project is situated within the well-amenitized, mixed-use Savi Ranch Center.
Hines plans improvements at the property to include lobby and restroom renovations, exterior landscaping and signage upgrades, and upgrades to the existing HVAC systems.
Hines managing director Ray Lawler, who leads the firm's Orange County development and investment office, says: "We are pleased to add Savi Tech Center to our growing Orange County portfolio. The property is one of the largest corporate campuses in the submarket, and the surrounding area's business environment is strong."
Oaktree managing director Ambrose Fisher adds: "Given the quality of this location and the solid market fundamentals of Orange County, we believe Savi Tech Center is a strategic acquisition for our portfolio. We look forward to working with Hines on the project."
The campus is currently 87 per cent leased to three tenants: Ashley Furniture Homestores; Carefusion; and Nobel Biocare USA. Hines has assumed on-site property management responsibilities on behalf of the joint venture.