News

Buchanan Street Partners has paid $28.1 million for a 120,354-square-foot office property in Laguna Hills, with plans to convert it into a medical office facility. The deal marks the real estate investment firm’s third local acquisition in about six years, and will be the company’s second office conversion in the works locally.

Newport Beach-based Buchanan Street Partners has acquired Oakbrook Plaza, a four-story office property in Laguna Hills, for $28 million. The building at 24422 Avenida De La Carlota was bought from an unidentified New York City-based fund manager in an off-market transaction, according to Buchanan Street.

LAGUNA HILLS, CALIF. — Newport Beach-based Buchanan Street Partners has purchased Oakbrook Plaza, an office building located at 24422 Avenida De La Carlota in Laguna Hills. A New York City-based fund manager sold the property for $28.1 million in an off-market transaction.

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.

Buchanan Street Partners paid $28.1 mil for Oakbrook Plaza, a four-story, 120.4k sf ($233/sf) office property in Laguna Hills. The building was sold by a New York City-based fund manager in an off-market transaction. The property is located at 24422 Avenida De La Carlota, on the west side of I-5 at Los Alisos Blvd. It is less than one mile from MemorialCare Saddleback Medical Center and near several retirement communities.

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.

Newport Beach-based Buchanan Street Partners had advised Costa Mesa-based Arnel & Affiliates in its acquisition of a 354-unit apartment complex in McKinney, Texas. The property, completed in 2021, was sold by JPI in Irving, Texas. Terms of the transaction were not disclosed.

Newport Beach-based Buchanan Street Partners continues to add to its Texas multifamily portfolio, this time in an advisory capacity. The real estate investment firm assisted Costa Mesa-based Arnel & Affiliates in its acquisition of a 354-apartment complex in McKinney, marking the first in the state for the development and investment company founded by the Argyros family in the late 1960s.

The weekly compilation of the San Francisco Bay Area metro’s biggest leases, sales, financing deals, construction updates, and personnel moves. Have news you’d like to submit? Email joseph.gordon@bisnow.com