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May 25, 2017
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Hines and Oaktree Capital Management Acquire Pacific Center Mixed-Use Property in Anaheim

2/10/17

A venture between Hines and Oaktree Capital Management has acquired Pacific Center, a four-building, mixed-use campus totaling 143k sf on 15.5 acres in Anaheim. The deal value was not disclosed.

Pacific Center, completed between 1985 and 1991, consists of Class A office, flex-industrial and retail space, along with land for future development. The campus is currently 93 percent leased to a notable tenant roster, including employment development offices of the State of California and multiple software companies.

The project's vacancy lies within the retail component of the campus, which is poised for a complete transformation through a capital improvement program to include new site work and landscaping, premier signage, and exterior building facades. These upgrades will capitalize on Pacific Center's location at the intersection of North Tustin Ave and East La Palma Ave, which is among the busiest intersections in Anaheim. The improvements are certain to attract attention from these two major thoroughfares, where nearly 100,000 cars travel daily. Construction at the campus will commence spring of this year.

The property is immediately accessible from the major freeways servicing the area, including the 91 and 55 freeways, and the campus hosts the Anaheim Canyon Metrolink station, which provides convenient access to the greater Los Angeles, Orange, Riverside, and San Diego counties. The Anaheim Canyon station is just two stops from the iconic Anaheim Regional Transportation Intermodal Center (ARTIC), Orange County's transportation hub.

"The on-site Metrolink station provides an opportunity for walkable, transit-oriented, mixed-use development in the Orange County area," says Hines Managing Director Ray Lawler, who leads the firm's Orange County development and investment office. "We see the transit-centered nature of the site as one of the most compelling features of the project and are eager to improve the campus through our strategic capital plan."






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