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1/27/16
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Hines and Oaktree Capital Management LP, on behalf of a fund it manages, have acquired Canyon Corporate Center, a two-story, office/flex building totaling 155.4k sf in Anaheim. Built in 1978, the property is located at 5515 E La Palma Ave, north of the 91 Fwy and west of Imperial Hwy.
Canyon Corporate Center is currently 55 percent leased and offers a 70k sf vacant block, one of the few remaining large blocks in North County. The big block vacancy offers over seven stalls per 1,000 square feet, a parking ratio unmatched by other availabilities on the market.
Hines plans an extensive capital improvement program that will transform the asset into one of the most unique and differentiated office environments in the Anaheim Canyon submarket. The strategic capital upgrades will focus on the lobby and outdoor amenity areas to heighten the appeal and usability of the building's interior and exterior spaces. In addition, Hines will transform the space into flexible, high-bay office space with large windows, skylights and configurations that will attract flex-office and creative tenants.
The capital improvements will be led by local architecture firm Westgroup Designs and landscape architecture firm Ridge Landscape Architects. Leasing will be led by Rick Warner, David Dowd, Chip Warner and Jennifer Whittington at CBRE.
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The property provides immediate access to the 91, 55 and 57 freeways, and is approximately 20 minutes from John Wayne Airport. Numerous name-brand restaurants are within walking distance, in addition to six hotels and 15 shopping centers within three miles of the property.
Hines has assumed on-site property management responsibilities on behalf of the joint venture. Jeff Cole and Ed Hernandez at Cushman and Wakefield represented the seller in the deal. The price was not disclosed.
Hines Managing Director Ray Lawler, who leads the firm's Orange County development and investment office, said, "We have a robust capital improvement program planned for Canyon Corporate Center. These improvements will build on the project's outstanding existing tenancy, large floor plates, high ceiling heights, attractive common areas and over standard parking. This project is an excellent addition to our Orange County portfolio."
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