(RealShare Orange County convenes at the Hyatt Regency, Irvine, August 16.)
ORANGE COUNTY, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but Houston-based Hines has sold its ownership interest in HSC Partners—owners of the portfolio previously known as the Cabi/Arden portfolio—to its existing equity partners. The portfolio is located across Southern California.
According to a prepared company statement, the 4.5-million-square-foot office portfolio is located in a total of 59 buildings from Ventura to San Diego counties. Hines tells GlobeSt.com that it cannot comment or provide any further information at this time.
Financials on the sale, which occurred upon mutually agreeable terms between the buyer and seller, were not disclosed. The buyer has retained Hines to manage the properties under a long-term management agreement.
Hines has been busy out of the country recently. As GlobeSt.com reported, Hines recently purchased the two-office Broadgate West complex in London for roughly $447 million and is acting on more than two million square feet of projects valued at $1.2 billion. And in Brisbane, Australia, through its Global REIT trust, it now owns two fully-occupied offices in the country, where cap rates are compressing slower than in the US, as GlobeSt.com reported.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
