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9/07/23
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A 405.1k sf, office campus in Fullerton was acquired by a local family investment entity for $76.5 mil, or $188/sf. The property, situated on 33.76 acres at 1801 Hughes Dr, is fully leased to Raytheon, an investment grade credit tenant.
Cushman & Wakefield’s Nico Napolitano, Jeffrey Cole, Jeff Chiate, Rick Ellison, Scott Selke, and Brad Brandenburg of the firm’s Capital Markets Team in Southern California represented the seller, a partnership comprising a global real estate investment, development and management firm and a global investment manager, in the transaction.
“The asset’s 1985 lease agreement is flat, significantly below-market, and has substantial lease term remaining. The combination presented a tremendously rare opportunity to acquire one of the largest and well-located sites in Orange County at an extremely attractive cost basis,” said Napolitano.
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