Laguna Hills Offices Sell for $38 Million

ORANGE COUNTY, CA-Displaying its continuing confidence in well-located California real estate, New York-based Investcorp has joined forces with Santa Barbara-based Pacifica Real Estate Group to pay $38.2 million for the 231,323-sf Landmark Lakehills office complex in the South County community of Laguna Hills.

The six-building complex was sold by locally based Landmark Asset Management Group and DRA Advisors Inc. of New York. The building is about 90% occupied, with tenants including ALTEC Inc., Dole Fresh Fruit Co. and Behr Corp.

The Irvine office of Cushman & Wakefield represented all parties in the transaction.

Though based in New York, Investcorp has been an aggressive purchaser of property in Southern California and other parts of the West. Its recent acquisitions include a 221,224-sf shopping center in the Orange County community of Brea and smaller commercial developments in Westlake Village, Long Beach and the Bay Area town of Pacifica.

Investcorp has teamed with Pacifica Real Estate Group before. The two firms started a hotel co-investment program in 1997 and have since purchased more than a half-dozen coastal lodging properties in the Southland together, says Ed Lord, Investcorp’s business coordinator.