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| Brea Corporate Plaza, Brea, CA |
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| Ryan Gallagher |
NEWPORT BEACH, CA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $55.6 million
sale of and arranged $39.06 million in financing for Brea Corporate Plaza and Brea Park Centre, a four-building office
portfolio totaling 290,657 square feet in the Orange County community of Brea,
California.
HFF marketed the property
on behalf of the seller, The PRES Companies and Mariner Real Estate Management,
and procured the buyer, JCR Capital, who provided the majority of the equity
capital for the purchase.
This is the first acquisition for the
partnership of JCR/PRES in which their proposed business strategy will be to sell
off the four buildings on an individual building basis over the next few
years. PRES will retain a strong working
relationship with Mariners as the partnership will continue on other known
holdings.
Additionally, HFF worked
on behalf of the new owner to secure a three-year, floating-rate acquisition
loan through Prime Finance. The
financing has two 12-month extensions and was used to acquire the asset and
fund additional advances for capital improvements and leasing costs.
Brea Corporate Plaza and
Brea Park Centre consist of four multi-tenant office buildings located at 500
S. Kraemer Boulevard, 2601 Saturn Street, 2650 Imperial Highway and 3230 E.
Imperial Highway.
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| Derreck Barker |
All four properties offer
exceptional visibility along Imperial Highway and immediate access to more than
four million square feet of retail and service amenities, and a variety of
executive housing options throughout Orange County.
Within walking distance is
La Floresta, a 120-acre master-planned community featuring Whole Foods,
Corepower Yoga and Mendocino Farms as well as 1,100 residential units and
neighborhood parks. Combined, the
properties are 85 percent leased to tenants, including Nestle, FoxConn, Citizen
Business Bank and Sedgewick Claims Mgmt.
The HFF investment sales
team representing the seller was led by senior managing director Ryan Gallagher, associate director Derreck Barker and director Tim Geiman.
HFF’s debt placement team
was led by director John Chun,
associate director Lee Redmond and
real estate analyst AJ Manas.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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