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ORANGE COUNTY NEWS
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Hines-Led Venture Secures $182 Mil on OC Office Campus

6/17/20

Intersect, a four-building, 452k sf office campus in Irvine, has been refinanced with a new $182 mil loan. The mid-rise, Class A property is owned by a joint venture between Hines and a leading global investment management firm.

Since the borrower purchased the property, Intersect has undergone a complete renovation with improvements to the interior and exterior to create a vibrant, creative office hub. The transformation took the campus from 13% to 78% leased at the time of closing, with 45% of the tenant roster being investment grade.

Intersect comprises Buildings A, B, C and D, located at 17875 and 17877 Von Karman Ave and 17872 and 17838 Gillette Ave, respectively, in the core Airport-Area submarket of Orange County. The 15.05-acre site is situated in the heart of the Irvine Business Complex, just two blocks north of Interstate 405 at the high-profile intersection of Main Street and Von Karman Avenue. 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 and Fashion Island, as well as The District at Tustin Legacy.

The property consists of market-leading amenities including a state-of-the-art restaurant, shipping container beer garden and coffee shop, game pavilion, fire pits, chicken coop, bird aviary and sports court. Additional features at Intersect include indoor and outdoor workspaces; a new fitness center with Peloton bikes and classes, high-end locker rooms, spin studio and outdoor yoga law; private tenant terraces; a 40-plus seat stadium-style conference center; and a 16-plus person board room. Intersect also features an above average parking ratio of 3.91 spaces per 1,000 usable square feet through a combination of 573 surface parking stalls, a 1,595-space structured parking garage at 17892 Gillette Ave and a 181-stall subterranean parking facility.

Kevin MacKenzie, John Chun and Nick Lench with JLL Capital Markets arranged the three-year, interest-only loan through MetLife Investment Management. Loan proceeds will be used to fund future leasing at the property and retire the existing loan that the same JLL team arranged for the borrower in 2018.






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