Transactions - JANUARY 23, 2020

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Hines, Oaktree sell Anaheim, Calif., office building for $44m

by Andrea Zander

A venture of Hines and Oaktree Capital Management has sold a 180,000-square-foot office building at 3450 East Miraloma Ave. in Anaheim, Calif., for $44 million.

The property is fully occupied by Pacific Sunwear of California LLC (PacSun) and its corporate headquarters operations.

The buyer, who was in a 1031 exchange, was an unnamed family trust represented by Colliers International.

“This property is a prime opportunity for the new ownership, as it offers a strong central Orange County location and a single, long-term tenant who continues to see growth for its brand,” said Paul Jones of Newmark Knight Frank, which represented the seller. “This corporate headquarters building for PacSun provides the buyer a stable and long-term cash flow well into the future.”

Built in 2002 as a build-to-suit for the tenant and situated on just under eight acres, the property is on a long-term triple-net lease with PacSun, a retail clothing brand rooted in the you

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