Buchanan Companions has acquired Oakbrook Plaza, a 120,354-square-foot medical workplace conversion property in Laguna Hills, Calif. The Class A asset traded for $28.1 million. Angelo, Gordon & Co. bought the property, CommercialEdge knowledge exhibits.
The identical knowledge supplier exhibits the property final modified arms in 2016 when it was bought for $30 million and in 2021 grew to become topic to a $25.3 million mortgage, supplied by FS Investments.
The Newmark staff representing the vendor within the transaction included Co-Head of U.S. Capital Markets Kevin Shannon, Govt Managing Director Paul Jones and Director Brandon White.
The four-story property was initially accomplished in 1983, was then utterly renovated in 2003 and underwent beauty renovation in 2015. The constructing affords 31,011 sq. foot floorplates and has 478 parking areas. At present, the ability is 30 % leased to medical tenants, with general occupancy at 66 %. The property’s zoning permits for a rise in medical workplace house. The medical tenant roster consists of South OC Endocrinology and Orange Coast Orthodontics, amongst others.
Oakbrook Plaza is positioned at 24422 Avenida De La Carlota, in South Orange County, 48 miles from Los Angeles, with shut entry to Interstate 5. Different medical services within the space embody MemorialCare Saddleback Medical Middle lower than one mile away and Windfall Mission Hospital Mission Viejo. The property is 6.5 miles from Irvine Medical and Science Advanced.
The Orange County medical workplace sector
In response to CommercialEdge knowledge, Orange County has a complete of 419 medical workplace properties, by which 10 major medical services are positioned within the Laguna Hills, including a complete of 653,690 sq. toes to the submarket’s stock.
As for transaction exercise, at first of the yr, Lionstone Investments acquired Newport Lido Medical Middle. The corporate paid $125 million for the totally leased 146,510-square-foot constructing in Newport Seashore, Calif. Extra just lately, CBRE Funding Administration, in partnership with Healthcare Realty Belief Inc., acquired a four-medical workplace portfolio, totaling 282,683 sq. toes, for the sale worth of $134.8 million.