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Hines JV looking to sell $260M Irvine, Calif., property

A joint venture between Hines and Pimco is looking to sell the $260 million Intersect office complex in Irvine, Calif., Real Estate Alert reported, citing market professionals.

The 452,000-square-foot, four-building property at 17838 and 17872 Gillette Ave. and 17877 and 17875 Von Karman Ave. is 74% occupied by 21 tenants, including Aon, Arcules, Conduent Inc., Jones Lang LaSalle Inc., Marriott International Inc. and Mazda Motor Corp., according to the report. The asset, which was recently transformed into creative space, is in lease-up phase after a $27 million renovation.

Hines and Pimco paid $121.5 million to acquire the property in 2015 from Menlo Equities LLC.