LAGUNA HILLS, CA—CBRE has completed the sale of Lakehills Corporate Park, a class A, multi-tenant office campus located in Laguna Hills, to Del Mar-based Cruzan Co. for $46 million. CBRE vice chairman Kevin Shannon, along with Paul Jones, Bob Smith and Blake Bokosky, represented the seller, AEW Capital Management. AEW sold the property on behalf of one of its separate account clients.
The 223,467-square-foot, five-building, two-story office campus is currently 78% leased. The property is located at 23332-23422 Mill Creek Drive and 24411-24461 Ridge Route Drive on six separate parcels totaling approximately 15.92 acres. It is located less than 2.5 miles from the Irvine Spectrum Retail Center and has convenient access to the 5 and 405 freeways, as well as the Foothill Transportation Center.
“Cruzan has successfully repositioned many office and industrial deals in the San Diego region over the years. This was their first acquisition in the Los Angeles/Orange County markets where they plan to expand their foothold,” said Shannon.
Jones added, “Lakehills Corporate Park is poised to capitalize on future economic expansion and rent growth especially post renovation since the South Orange County submarket features one of the lowest vacancy rates in all of Southern California at 6.8%.”
While this is Cruzan's first Orange County acquisition, project leader Matt Ela is no stranger to the market. Having spent eight years acquiring real estate in the area for Bixby Land Company and Greenlaw Partners, Ela is leading Cruzan's push into Orange County.
“Lakehills will be redeveloped into a modern office campus that will cater to forward thinking companies in South Orange County,” Ela said. “Our focus is to enhance the tenant experience through a thoughtful redesign of existing common spaces and the introduction of new amenities such as private indoor/outdoor patios, a staffed fitness center and a boutique café concept. We will target small to midsize tenants, a segment of the market that has been virtually ignored when it comes to cool office space.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
