Buchanan Avenue Companions has paid $28.1 million for a 120,354-square-foot workplace property in Laguna Hills, with plans to transform it right into a medical workplace facility.
The deal marks the true property funding agency’s third native acquisition in about six years, and would be the firm’s second workplace conversion within the works domestically.
The Newport Seaside-based investor and lender paid about $234 per sq. foot for the Oakbrook Plaza workplace from the native workplace of Lincoln Property Co. (LPC) and funding supervisor Angelo Gordon.
Lincoln Property Co. offered the workplace for about the identical value it paid for it in 2016; nevertheless, the latest value doesn’t embrace a transaction Lincoln made final 12 months, through which it traded a portion of the positioning to the California Division of Transportation for $4.9 million.
The workplace has additionally been properly occupied over the previous six years, producing constant lease movement to the native ops of the Dallas-based actual property investor, in keeping with LPC Government Vice President Parke Miller.
Located on a 7-acre lot at 24422 Avenida de la Carlota, simply off the Santa Ana (5) Freeway, between El Toro Street and Los Alisos Boulevard, the workplace was in-built 1983 and final renovated in 2003.
It was practically 70% occupied on the time of sale, with a tenant roster together with the Orange County Eye Institute, Saddleback Household Medication and Harvest Small Enterprise Finance LLC.
The workplace is lower than a mile from MemorialCare Saddleback Medical Heart, the eighth-largest hospital in Orange County, in addition to a big cluster of medical places of work surrounding the hospital.
