IRVINE, CA– HFF announced today that it has closed the sale of Mission Ridge, a two-building, Class A office campus totaling 231,065 square feet in Mission Viejo, California.
HFF marketed the property on behalf of Prudential Real Estate Investors.Cornerstone Real Estate Advisers, on behalf of an institutional investor, purchased the asset free and clear of existing debt.
Developed in 2000, the property was 90 percent leased at the time of sale. Significant tenants include Ensign Facility Services, McAfee, Pulte Homes, Wells Fargo, Charles Schwab and Premier Office Centers. The high quality, four-story buildings are situated around a landscaped central courtyard. Mission Ridge is located immediately adjacent to Interstate 5 near the Crown Valley Parkway commercial corridor.
HFF’s investment sales team representing the seller was led bysenior managing director Ryan Gallagher, managing director Mike McCann, director Tim Geiman and associate directors Derreck Barker and Nick Foster. Greg Puccinelli of Jones Lang LaSalle was the local market leasing broker on the sale.
“This property was highly sought after due to its location, quality and historically strong track record within south Orange County,” commented Ryan Gallagher.
PREI®, which has been investing in real estate on behalf of institutional clients since 1970, is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Madison, N.J., PREI has other offices in Atlanta, Chicago, Miami, New York, San Francisco, London, Lisbon, Luxembourg, Munich, Frankfurt, Paris, Istanbul, Abu Dhabi, Mexico City, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore and Tokyo. In addition, PREI has representatives in Milan and is establishing a presence in Sydney (pending regulatory approval). As of March 31, 2013, PREI managed approximately $53 billion in gross real estate assets ($37.3 billion net) on behalf of more than 490 clients worldwide. For more information, visit http://www.prei.com.
Cornerstone Real Estate Advisers LLC (“Cornerstone”), with subsidiary and affiliate offices in the U.S., UK, Europe and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. More information is at www.cornerstoneadvisers.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.