Sale of Class A South Orange County office property closed by HFF
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. 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.
About Cornerstone Real Estate Advisers
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.