NorCal Buyer Acquires $21M Office Property

LAGUNA HILLS, CA-Glenborough Realty Trust of Northern California has acquired the 72,980-sf Saddleback Financial Center medical and professional office building from Southern California-based Mammoth Equities for $20.5 million, according to Voit Commercial Brokerage. Dan Vittone, senior vice president at Voit’s Irvine office, says that Glenborough has acquired an asset that “will allow the buyer to avoid facing excessive re-tenanting costs in a single year” because the property is leased by 27 tenants whose leases roll over in a staggered schedule through the years.

The Saddleback property, which is a four-story building that was 92% occupied at the time of the sale, is located at 24012 Calle De La Plata. It is close to Saddleback Medical Center, Laguna Hills Mall, the Irvine Spectrum Retail Center and Mission Viejo Mall.

Buyer Glenborough is a former publicly held REIT that became a private real estate investment and management company specializing in office properties. Both Glenborough and Mammoth Equities were represented by Vittone and fellow Voit broker Alan Pekarcik, with Simon Dillon of CB Richard Ellis assisting Voit in the marketing of the property.