Cushman & Wakefield has brokered the sale of a 405,130 SF Office Campus on around 34 acres of land in Fullerton, California.
Situated at 1801 Hughes Drive, the North Orange County property is fully leased to Raytheon, an investment grade credit tenant.
The property sold to a local family investor for US $76.5 million or approximately US $188 per rentable square foot (US $52 per square foot of land).
Cushman & Wakefield director, Nico Napolitano and colleagues Jeffrey Cole, Jeff Chiate, Rick Ellison, Scott Selke, and Brad Brandenburg of the firm’s Capital Markets Team in Southern California represented the seller, a partnership between a global real estate investment, development and management firm and a global investment manager.
The asset’s 1985 lease agreement is flat, significantly below-market, and has substantial lease term remaining.
"The combination presented a tremendously rare opportunity to acquire one of the largest and well-located sites in Orange County at an extremely attractive cost basis.”
