Oakbrook Plaza
Buchanan Partners has acquired Oakbrook Plaza, a 120,354-square-foot medical office conversion property in Laguna Hills, Calif. The Class A asset traded for $28.1 million. Angelo, Gordon & Co. sold the property, CommercialEdge data shows.
The same data provider shows the property last changed hands in 2016 when it was purchased for $30 million and in 2021 became subject to a $25.3 million loan, provided by FS Investments.
The Newmark team representing the seller in the transaction included Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Paul Jones and Director Brandon White.
The four-story property was initially completed in 1983, was then completely renovated in 2003 and underwent cosmetic renovation in 2015. The building offers 31,011 square foot floorplates and has 478 parking spaces. Currently, the facility is 30 percent leased to medical tenants, with overall occupancy at 66 percent. The property’s zoning allows for an increase in medical office space. The medical tenant roster includes South OC Endocrinology and Orange Coast Orthodontics, among others.
Oakbrook Plaza is located at 24422 Avenida De La Carlota, in South Orange County, 48 miles from Los Angeles, with close access to Interstate 5. Other medical facilities in the area include MemorialCare Saddleback Medical Center less than one mile away and Providence Mission Hospital Mission Viejo. The property is 6.5 miles from Irvine Medical and Science Complex.
The Orange County medical office sector
According to CommercialEdge data, Orange County has a total of 419 medical office properties, in which 10 primary medical facilities are located in the Laguna Hills, adding a total of 653,690 square feet to the submarket’s inventory.
As for transaction activity, at the beginning of the year, Lionstone Investments acquired Newport Lido Medical Center. The company paid $125 million for the fully leased 146,510-square-foot building in Newport Beach, Calif. More recently, CBRE Investment Management, in partnership with Healthcare Realty Trust Inc., acquired a four-medical office portfolio, totaling 282,683 square feet, for the sale price of $134.8 million.
