Connectcre – Buchanan Street Grabs Laguna Hills Office Building for $28M

This article originally appeared in Connectcre.

December 21, 2022

Newport Beach, CA-based real estate firm Buchanan Street Partners has acquired Oakbrook Plaza, a four-story, 120,000-square-foot office property in Laguna Hills, CA. The firm is purchasing the building, located at 24422 Avenida De La Carlota, from a New York-based fund manager for $28.1 million.

The asset is 66% occupied, but was averaging 95% occupancy pre pandemic. The zoning allows for many investment strategies, including medical office space as well as multifamily, which has seen increased development in the region.

“South Orange County is a preferred investment market for us given the strong demographics and barriers to entry,” said Matt Haugen, SVP of Buchanan Street. “This acquisition represents a continuation of our strategy of acquiring quality investments in Orange County with the opportunity to add value through new development.”

Newmark’s Kevin Shannon, Paul Jones and Brandon White represented the seller in the transaction.