Buchanan Street Partners Buys CA Medical Office From NY-Based Fund Manager

Conversion property in Laguna Hills, CA was purchased for $28.1million.

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.

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