Hines, a major Texas developer, said it took possession of 53 Southern California office buildings last week in a transaction valued at almost $1.4 billion after the previous owners were unable keep up their loan payments.

Houston-based Hines was one of 11 lenders to a group of 32 investors who were represented by Cabi Developers of Miami. An affiliate of Cabi managed the portfolio.

Hines, which controls Union Bank Plaza in downtown Los Angeles, said the new office purchases include South Bay Centre in Gardena, the Beverly Atrium in Beverly Hills and Fountain Valley Plaza in Fountain Valley.

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