A portfolio of 33 Southern California office buildings that sold for $1.51 billion at the top of the real estate market in 2007 is being taken over by Texas developer Hines in what appears to be a distressed sale.
The owners, a group of individual investors represented by Cabi Developers of Miami, agreed to convey title to Hines, a Cabi spokesman said Wednesday. Cabi did not say how much Hines would pay. Hines representatives could not be reached for comment.
Cabi was having difficulty paying its debt on the properties, according to real estate data provider CoStar Group. Hines was one of the bidders for the portfolio in 2007 when it was sold by Arden Realty Inc.
Cabi is a subsidiary of GICSA, one of the largest developers in Mexico.
Among the office properties Hines is buying from Cabi are Century Park Center, a 16-story building at 9911 W. Pico Blvd. in Los Angeles; the three-story Beverly Atrium at 350 S. Beverly Drive in Beverly Hills; and the low-rise Fountain Valley Plaza at 10540 Talbert Ave. in Fountain Valley.