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7/31/12
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International real estate firm Hines sold its ownership interest in HSC Partners (owners of the portfolio previously known as the Cabi/Arden portfolio) to its existing equity partners. The portfolio includes approximately 4.5 msf of office space in a total of 59 buildings across Southern California, from Ventura to San Diego counties.
Financials on the sale, which occurred upon mutually agreeable terms between the parties, were not disclosed. The buyer has retained Hines to manage the properties under a long-term management agreement.
Hines acquired the assets at the end of 2008 from Cabi Developers, the US entity of Mexico’s Giesa, which had been unable to keep up on the mortgage payments for the properties. The transaction was valued at the time at about $1.35 bil.
Cabi had purchased the properties from Arden Realty in 2007 for $1.5 bil. Hines acquired a substantial portion of the debt from that deal and when Cabi found itself unable to make a $105 mil payment in October 2008, the firms agreed to a resolution in which Hines would acquire the properties in lieu of foreclosure for the value of the existing debt. Two of the properties from the original purchase had already been sold by Cabi.
The majority of the portfolio acquired in that transaction is in LA County, such as the 243k sf Century Park Tower at 9911 W. Pico Blvd, but also includes assets in Orange, Ventura and San Diego counties. Hines already has a substantial presence in the Los Angeles region, including the 890k sf Citigroup Center Tower at 444 S. Flower in downtown LA, which they acquired from NY-based Broadway Partners for $280 mil in September 2008.
The San Diego properties included Foremost Professional Plaza in Carmel Mountain Ranch, Bernardo Regency Center in Rancho Bernardo, Carmel Valley Centre I & II in Carmel Valley, Three Governor in Governor Park and Legacy Creekside in Sorrento Valley.
Texas-based Hines’ historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,192 properties representing more than 482 msf of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in 110 cities in 18 countries, and controlled assets valued at approximately $22.9 bil, Hines is one of the largest real estate organizations in the world.
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