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Cushman & Wakefield advised on the sale of an existing 405,130-square-foot office campus in Fullerton. Located at 1801 Hughes Dr., the North Orange County property was fully leased to defense contractor Raytheon, a credit tenant with investment grade status. The property sold to a local family investor for $76.5 million, or approximately $188 per rentable square foot / $52 per land square foot.
Nico Napolitano, Jeffrey Cole, Jeff Chiate, Rick Ellison and Scott Selke of Cushman & Wakefield’s Capital Markets Team in Southern California represented the seller – a partnership between a global real estate investment firm and global investment manager.
Napolitano commented: “The asset’s 1985 lease agreement is flat and significantly below market rate with substantial lease term remaining; this presented an incredibly rare opportunity to acquire one of Orange County’s largest sites at an attractive cost basis.”