Hines Bags Yorba Linda R&D Complex
Hines and Oaktree Capital Management have acquired the 372k SF Savi Tech Center, a four-building office and R&D complex in Yorba Linda, from LNR Property. Though the buyers declined to specify a price, they did say they'll be spending some money for upgrades, such as lobby renovations and HVAC improvements. (Perhaps a lobby bowling alley is in order?) As one of the largest corporate campuses in the northern Orange County submarket, it's a prize acquisition, according to Hines managing director Ray Lawler, who leads the firm's OC development and investment office. Its location has access to freeways that service the rest of OC, greater LA, and the Inland Empire, he tells us, and the surrounding mixed-use Savi Ranch Center has strong retail, dining, and hospitality. The property is currently 87% leased to three tenants: Ashley Furniture Homestores, Carefusion, and Nobel Biocare USA. Cushman & Wakefield repped the seller.
