$44.8 million sale closed by HFF of Main & Redhill Business Center in Orange County, California
NEWPORT BEACH, CA – June 1, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $44.8 million sale of Main & Redhill Business Center, a 15-building, low-rise office campus totaling 203,946 square feet in the Orange County city of Irvine, California.
HFF marketed the property on behalf of the seller, a global real estate investment management firm, and procured the buyer, Olen Properties Corporation.
Main & Redhill Business Center is situated on 17 acres adjacent to the Interstate 405/State Route 55 Freeway interchange in Orange County’s airport area submarket. This location provides high visibility from the freeways; access to more than 5.5 million square feet of retail amenities in the surrounding area; close proximity to executive housing in the residential communities of Newport Beach, Newport Coast, Del Mar, Irvine and Laguna Beach; as well as easy access to John Wayne International Airport, one-half mile from the property. The 97-percent-leased business park has stable-in place cash flow supported by strong historical tenancy.
HFF’s 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 Main & Redhill offering presented an excellent opportunity to purchase a critical mass of land in Orange County’s premier Irvine Business Complex that has tremendous upside through lease renewals and tenant rollover,” said Gallagher. “The property’s design and layout is easily modifiable to reposition the space to a unique and progressive creative office campus environment.”
About Olen Properties Corporation
Olen is a privately-held real estate company that has been developing and operating commercial and multi-family properties for the past 43 years. Olen owns and manages over 6 million square feet of commercial space, mostly in Orange County, as well as over 13,000 multifamily apartments across the U.S.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.