IRVINE, CA-The Hearn Co. and Diversified Real Estate Capital, both based in Chicago, have closed on the $112 million acquisition of the 230,605-sf 18301 Von Karman Blvd. office tower from Maguire Properties. Principal Phil Marino of Intercon West Realty Advisors in Phoenix, which represented the buyers, tells GlobeSt.com that the acquisition underscores the buyer's “strong belief in Southern California in the long term.”
The closing seals the most recent in a series of deals in which Los Angeles-based Maguire has disposed of Orange County assets that were part of the 8.1 million sf of former Blackstone/EOP properties that Maguire bought. The 11-story 18301 Von Karman building is one of the most visible towers in Orange County, situated a few blocks from the John Wayne airport. The class A office project includes a six-level parking structure with more than 770 spaces.
Marino notes that the acquisition closed “in a market with significant volatility in capital sources for both debt and equity.” He says that the Hearn Co. plans to continue acquisitions and dispositions as part of is strategy of “acquiring quality assets in the Southern California market.”
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