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6/12/14
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Hines and an Oaktree Capital Management-led real estate fund have partnered in the acquisition of 1750 East Fourth Street, a 230k sf, Class A office building on 2.8 acres in Santa Ana. The property was sold by and then partially leased back to State Compensation Insurance Fund. Terms of the deal were not disclosed.
Completed in 1994, the eight-story building offers convenient access to the major the Los Angeles, Orange County and Inland Empire employment hubs. State Compensation Insurance Fund will lease back approximately 50 percent of the building on a long-term deal. The remaining 50 percent of the square footage is available to lease immediately.
This is the 10th joint venture between Oaktree and Hines in Orange County and their 18th globally. Hines has assumed on-site property management responsibilities on behalf of the joint venture.
State Compensation Insurance Fund was represented in the transaction by Rob Bickel, Patrick Inglis and Thomas Maloney of JLL.
Hines Managing Director Ray Lawler, who leads the firm's Orange County development and investment office, said, "Orange County is projected to be among the highest rent-growth markets in the U.S. over the next five years. This property provides us the opportunity to add significant value through leasing and the continuing improvement of Orange County's market fundamentals."
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