405K-SF Raytheon Campus Sells for $77M in Southern California
By Greg Cornfield September 8, 2023 5:15 pm
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Hines and Oaktree Capital Management have unloaded a large Raytheon office campus in Orange County, Calif., after about 11 years of owning it.
The joint venture sold the Class A 405,130-square-foot complex in Fullerton for $76.5 million, records show. Commercial Property Executive reported that it’s the largest office property to sell in Orange County so far this year, citing CommercialEdge data. However, at $189 per square foot, the deal is on the lower end of the price spectrum for a market averaging $202 per square foot in 2023.
CPE reported that a family office acquired the two three-story buildings on 33.8 acres at 1801 Hughes Drive. Property records show it was sold to an entity named Prime Enterprises, which is run by Alethea Hsu.
The office campus has been fully leased to Raytheon since it was completed in 1985. Hines and Oaktree purchased it in 2012 for $50 million, per CommercialEdge.
Cushman & Wakefield (CWK)’s Nico Napolitano, Jeffrey Cole, Jeff Chiate, Rick Ellison, Scott Selke and Brad Brandenburg negotiated the deal on behalf of Hines.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
