Buchanan Street Partners is acquiring Oakbrook Plaza, a four-story, 120,354-square-foot office property in Laguna Hills, California. Buchanan is purchasing the building from a New York City-based fund manager for $28.1 million in an off-market transaction.
Kevin Shannon, Paul Jones and Brandon White with Newmark represented the seller in the transaction.
The Laguna Hills 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.
Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California. Since its inception in 1999, Buchanan has invested and structured approximately $17 billion of investments from a broad range of direct acquisitions, equity placements and debt investments throughout the United States.
According to data captured from the LevinPro HC database, this acquisition represents the 211th medical office building (MOB) transaction of 2022. This is approximately a 35% increase from January 1, 2021, through December 23, 2021, when 156 MOB transactions were announced.
