Tuesday, December 13, 2016

HFF closes $55.6 million sale and arranges $39.06 million financing for four-building office portfolio in Orange County, CA

Brea Corporate Plaza, Brea, CA

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. 

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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