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5/08/18
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A joint venture between Hines and a leading global investment management firm has secured $144 mil in new financing on Intersect, a four-building, 452.2k sf office campus they own in Irvine. The Class A, mid-rise complex is located at 17875 and 17877 Von Karman Ave, and 17872 and 17838 Gillette Ave in the core Airport-area submarket of Orange County.
The 15.05-acre site is situated at the high-profile intersection of Main St and Von Karman Ave in the heart of the Irvine Business Complex, just two blocks north of I-405. Intersect is surrounded by a robust amenity base of retail, restaurants and entertainment offerings, including Irvine Concourse directly across the street, Park Place, South Coast Plaza, The District, Fashion Island, as well as the Tustin Legacy project currently under development.
Since 2015, the property has undergone a complete renovation with improvements to the interior and exterior as well as the addition of a new state-of-the-art restaurant, and the addition of micro-retail shipping containers that will serve grab-n-go coffee, juice and food throughout the day. Additional market leading amenities at Intersect include indoor and outdoor workspaces, a 6k sf indoor/outdoor gym, private tenant terraces, a 100-plus seat stadium-style conference center, a 20-plus person board room and an outdoor game pavilion. Intersect also features an above average parking ratio of 4.4 spaces per 1,000 usable square feet through a combination of surface parking, a 1,583-space structured parking garage at 17892 Gillette Avenue and a 177-stall subterranean parking facility.
Kevin MacKenzie John Chun, Jamie Kline and Peter Thompson with HFF, along with colleagues Michael Leggett and Dereck Barker arranged the financing on behalf of the borrower. The three-year plus extension options, floating-rate loan was funded through New York Life Insurance. Loan proceeds will be used to retire existing debt and fund the remaining lease-up of the property.
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