LAGUNA HILLS, CA–Buchanan Street Partners acquired Oakbrook Plaza, a four-story, 120,354-square-foot office property in Laguna Hills, CA. Buchanan is purchasing the building, at 24422 Avenida De La Carlota, from a New York City-based fund manager for $28.1 million in an off-market transaction.
The property is located less than one mile from MemorialCare Saddleback Medical Center and near several retirement communities.
The property is 66% occupied, of which 30% of the existing space is leased to medical tenants. In 2018 and 2019, prior to the COVID-19 pandemic, the property averaged 95% occupancy. The property's current zoning allows for multiple investment strategies, including an increase in medical office space as well as the potential development of multifamily. There are more than 14,000 housing units in planning in South Orange County, a notable demographic shift.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
