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| Foothill Plaza office campus, Foothill Ranch, Lake Forest, CA |
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| Ryan Gallagher |
IRVINE, CA – Holliday
Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of
Foothill Plaza, a two-building, 208,747-square-foot, Class A office campus in
Foothill Ranch in the city of Lake Forest, California.
HFF represented the seller
in the transaction. Cornerstone Real
Estate Advisers, acting on behalf of a Firm-managed fund, purchased Foothill
Plaza free and clear of debt.
Additionally,
HFF has arranged a five-year, full term interest-only, fixed-rate permanent
financing with a correspondent life company for the buyer, which is in the
process of closing.
Foothill Plaza is located
at 27422 and 27442 Portola Parkway
within the master planned community of Foothill Ranch in South Orange
County.
The property is immediately
adjacent to and visible from State Route 241 and is within close proximity to
the Santa Ana and San Diego Freeways.
Foothill Plaza tenants
have immediate access to numerous restaurants and retail amenities on-site
including Wahoo’s Fish Taco, Urban Grill and Wine Bar, Starbucks, UPS Store,
Comerica Bank and a Marriott Courtyard Hotel as well as the 2,500-acre Whiting
Ranch Wilderness Park adjacent to the property.
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| Kevin MacKenzie |
Foothill Plaza features 34,000-square-foot
floor plates and a recently renovated central courtyard with creative outdoor
workspaces. Completed in 2001, the
property is 91 percent leased to tenants including iBaset, Kaiser Aluminum and
Chemical, Skilled Healthcare Group and Global Benefits Group.
The HFF investment sales
team representing the seller was led by senior managing director Ryan Gallagher, managing director Mike McCann, director Tim Geiman and associate director Derreck Barker.
The HFF debt team
representing the buyer was led by senior managing director Dana Brome from the Boston office, and senior managing director Kevin MacKenzie and associate director Brian Torp, both from the Orange County
office.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Associate Director
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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