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2/21/17
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HFF has arranged $19 mil in acquisition financing for the purchase of two buildings totaling 130.2k sf at Pacific Center, a four-building, 143k sf mixed-use property in Anaheim that was just acquired by a venture between Hines and Oaktree Capital Management, as reported on RENTV earlier in the month.
Pacific Center, completed between 1985 and 1991, consists of Class A office, flex-industrial and retail space, along with land for future development. The 15.5-acre campus is currently 93 percent leased to a notable tenant roster, including employment development offices of the State of California and multiple software companies.
HFF’s Kevin MacKenzie and Jamie Kline arranged the three-year, floating-rate loan through CIT Bank, N.A. Loan proceeds will be used to reposition the property.
PacifiCenter is located at the southwest corner of La Palma and Tustin Aves, just north of the 91 Fwy in Anaheim. This location provides visibility from 115,000 vehicles per day at the intersection of Tustin and La Palma as well as 400,000 vehicles per day along the 91 Freeway.
The property is currently improved with a fully-leased, four-story, Class A office building; two 58% leased, single-story retail buildings; and one fully-leased, single-story flex building. The financing put in place by HFF encumbered the Class A office building and flex building. The site features an on-site Metrolink station, providing direct access to major employment and entertainment options throughout Los Angeles, Orange County and the Inland Empire.
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