Pasadena Family Office Pays $77M For Fullerton Office Property Leased To Raytheon
Prime Enterprises, a family office based in Pasadena, purchased Raytheon’s home in Fullerton for $76.5M.
Hines and Oaktree Capital Management sold the 405K SF campus, The Real Deal reported. Commercial Observer was the first to report the parties involved in the sale.
The sale translates to $189 per SF, slightly less than the $202-per-SF year-to-date average office sale price for Orange County, but it still represents a gain for the sellers.
Hines and Oaktree bought the 33.8-acre, two-building property at 1801 Hughes Drive for $50M in 2012.
Cushman & Wakefield’s Nico Napolitano, Jeffrey Cole, Jeff Chiate, Rick Ellison, Scott Selke and Brad Brandenburg represented Hines.
Prime Enterprises is led by Dr. Alethea Hsu, who practices medicine in San Gabriel. Hsu and her family developed Rowland Heights’ Diamond Plaza in 1990, according to the South Coast Chinese Cultural Association. In 2008, Hsu and her family opened another retail center, Diamond Jamboree, at the Irvine Business Complex.
Earlier this year, Prime Enterprises sold a 12-acre site in Arcadia to Brookfield Residential, a subsidiary of Brookfield Corp., for $58.5M, the LA Business Journal previously reported. Brookfield plans to build 277 townhomes on the site.
