Hines Buys Quintana Office Campus

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.

For more news and information visit Blumberg Partners.

JLL Gets $125M Acquisition Financing for Onterie Center

Jones Lang LaSalle announced this week that the firm's Capital Markets group secured $125 million in acquisition financing for Onterie Center in Chicago. New York Life is providing the financing for the sixty-story award-winning high rise at 441 East Erie St. JLL announced this past December that it would be buying the property from Boston-based Metropolitan Properties of America Inc. for $188 million; Metropolitan paid $143 million for the building in 2005.

"Onterie Center is backed by strong institutional sponsorship, generates solid in-place cash flow and is in the heart of one of the highest residential rent districts in the city," said JLL's managing director David Hendrickson. "It offers superior amenities, an unparalleled location near a variety of dining and shopping options, and magnificent city and lake views, all of which made this a compelling investment for New York Life."

Designed by Skidmore, Owings & Merrill, construction was completed on Onterie Center in 1986. The property features a 60-story, 583-unit residential tower with 102,616-square feet of fully leased commercial space and an 11-story tower with 32 luxury loft units. Current tenants include Northwestern University, the Rehabilitation Institute of Chicago, Northwestern Memorial Hospital, Streeterville MRI and KinderCare daycare center.

For more news and information visit Blumberg Capital Partners.