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7/29/15
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Cruzan has purchased Lakehills Corporate Park, a 223.5k sf office campus in Laguna Hills, for $46 mil ($206/sf). The Class A, multi-tenant asset was sold by AEW Capital Management.
The five-building, two-story office campus is currently 78 percent leased. The property is situated on six separate parcels totaling approximately 15.92 acres at 23332-23422 Mill Creek Dr and 24411-24461 Ridge Route Dr. It is located less than 2.5 miles from the Irvine Spectrum Retail Center and has convenient access to the 5 and 405 freeways, as well as the Foothill Transportation Center.
CBRE Vice Chairman Kevin Shannon, along with Paul Jones, Bob Smith and Blake Bokosky, represented the seller, who sold the property on behalf of one of its separate account clients.
“Cruzan has successfully repositioned many office and industrial deals in the San Diego region over the years. This was their first acquisition in the Los Angeles/Orange County markets, where they plan to expand their foothold,” said Shannon.
“Lakehills will be redeveloped into a modern office campus that will cater to forward thinking companies in South Orange County,” said Cruzan Orange County project leader Matt Ela. “Our focus is to enhance the tenant experience through a thoughtful redesign of existing common spaces and the introduction of new amenities such as private indoor/outdoor patios, a staffed fitness center and a boutique café concept. We will target small to midsize tenants, a segment of the market that has been virtually ignored when it comes to cool office space.”
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