RENTV Real Estate News & Media – Buchanan Street Partners Pays $28 Mil for South OC Office Property

This article originally appeared in RENTV Real Estate News & Media.

December 21, 2022

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.

Currently, the property is 66% occupied, of which 30% of the existing space is leased to medical tenants. However, 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.

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