Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]NEWPORT BEACH, CA-One buyer has acquired a 38,758-sf office building in Mission Viejo and another has taken title to an 18,600-sf medical office building in Laguna Hills in two separate transactions, according to NAI Capital. In the Mission Viejo deal, Universal Properties Two LLC of Newport Beach bought a two-story office building at 26691 Plaza Dr. from the South Orange County-based Los Altos Trust for $11.3 million; in the Laguna Hills transaction, an investment group based in South Orange County paid approximately $7.9 million for a two-story medical office building located in Alicia Office Park at 25251 Paseo de Alicia.

The 26691 Plaza Dr. building in Mission Viejo is a “high-quality neoclassical building” that was designed by the Nadel Partnership and was built in 1990 by Birtcher Construction, according to Geoff DeWolf of the Economos Group in the Newport Beach office of NAI Capital. DeWolf was part of an Economos Group team including Steve and George Economos, and Matt Moore, who represented both the buyer and the seller of the 26691 Plaza Dr. building.

[IMGCAP(2)]Steve Economos tells GlobeSt.com that the MissionViejo building was about 80% leased at the time of the sale. He says that the 25251 Paseo de Alicia building in Laguna Hills is vacant and is on the market for lease after recently undergoing a complete renovation before the close of escrow in the recent sale. The new owner of the medical office building was represented by the Economos Group; the seller, Orion Property Partners, was represented by John Wadsworth of Colliers International.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.