Newport Beach, Calif. – CBRE announced the sale of a multi-tenant office building in Laguna Woods, Calif. to Healthcare Realty Trust, a Nashville-based real estate investment firm, for $13.1 million.
CBRE’s Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and Keith Black represented the seller, a private local investor, in the transaction. The buyer was self-represented.
Located at 24361 El Toro Road, the 52,448 square-foot property was originally built in 2001 on a 2.1-acre corner lot. The two-story, freestanding building features 171 parking spaces and suites ranging from 800 to 5,204 square-feet. The property was 89 percent leased to a diverse mix of medical and professional tenants at the time of sale.
The building sits within two miles of both I-5 and SR 73, two major freeways that connect Laguna Woods to the rest of Orange County. The site is five miles from Irvine Spectrum Center, one of Southern California’s most popular entertainment and shopping destinations.
“Orange County’s low-rise office product has experienced robust growth, out-pacing high-rise product in the last decade,” said DeLorenzo.
CBRE’s Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and Keith Black represented the seller, a private local investor, in the transaction. The buyer was self-represented.
Located at 24361 El Toro Road, the 52,448 square-foot property was originally built in 2001 on a 2.1-acre corner lot. The two-story, freestanding building features 171 parking spaces and suites ranging from 800 to 5,204 square-feet. The property was 89 percent leased to a diverse mix of medical and professional tenants at the time of sale.
The building sits within two miles of both I-5 and SR 73, two major freeways that connect Laguna Woods to the rest of Orange County. The site is five miles from Irvine Spectrum Center, one of Southern California’s most popular entertainment and shopping destinations.
“Orange County’s low-rise office product has experienced robust growth, out-pacing high-rise product in the last decade,” said DeLorenzo.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
