Hines and Oaktree Capital Management have sold a 405,100-square-foot office campus leased by Raytheon in Fullerton for $76.5 million.
The Houston-based developer and the Downtown Los Angeles-based investment firm sold the two, three-story buildings at 1801 Hughes Drive, the Commercial Observer reported. The buyer was Prime Enterprises, a family office based in Pasadena run by Dr. Alethea Hsu.
The deal works out to $189 per square foot. This year, the average price for office sales in Orange County is $202 per square foot.
The sale is the largest office property to sell in OC this year, according to CommercialEdge. The office campus has been leased to Raytheon since it was built in 1985.
Hines and Oaktree bought the 33.8-acre property in 2012 for $50 million.
Brokers Nico Napolitano, Jeffrey Cole, Jeff Chiate, Rick Ellison, Scott Selke and Brad Brandenburg of Cushman & Wakefield represented Hines.
Hsu, who practices medicine in San Gabriel, joined her family in developing Diamond Plaza in Rowland Heights in 1990, with a focus on Asian fusion food, according to the South Coast Chinese Cultural Association.
In 2008, Hsu and her family opened a similar Diamond Jamboree mall and food court at Irvine Business Complex, and it has become a top draw for tourists.
— Dana Bartholomew