LAS VEGAS-Some 32 institutional-quality office assets here, part of the Summerlin portfolio, are now in the hands of a JV between Hines and funds managed by Oaktree Capital Management LP. General Growth Properties was the seller.
The portfolio paces out to 1.1 million square feet, and while no one close to the deal will speak to price, industry sources value the deal just north of $122 million. About 19 acres of development parcels are also part of the mix.
This deal, the sixth the Hines/Oaktree coupling has produced in the past two years, brags such tenants as : AT&T, Diamond Resorts, Expedia, Williams-Sonoma and Wyndham Worldwide. Hines has assumed property management responsibilities on behalf of the joint venture.
GGP was represented by CBRE vice chairman Kevin Shannon, EVP Tom Bohlinger and senior VP Charles Moore.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
