Holliday Fenoglio Fowler, L.P. (HFF) announced that it had closed the sale of the Quintana Office Campus in Irvine, California and arranged financing for the buyer, Hines. While the sale price for the 430,000 square foot Class A office complex was not disclosed, reports show that Hines received $100 million in financing arranged by New York Life Real Estate Investors. The floating-rate debt package will finance the acquisition, redevelopment and re-tenanting of the Class A property, according to an REBusiness Online report. HFF’s capital markets team led marketing of the asset, and was assisted by Cushman & Wakefield, on behalf of Menlo Equities.
The Quintana Office Campus at 17875 and 17877 Von Karman Ave. and 17838 and 17872 Gillette Ave. is located on approximately 15 acres in the Irvine Business District. Hines said it has planned an extensive $15 million capital improvement program, which will transform the asset into the most unique and differentiated campus environment in the Airport submarket. At just 13 percent leased at the time of sale, the property represents a significant value-add play for tenants seeking large blocks of contiguous space, according to Hines.
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