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6/05/15
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Horwin Investment LLC paid $5.9 mil for Laguna Hill Medical Arts Building B, a two-story medical office building located in the Laguna Hills/Aliso Viejo submarket of Orange Country. The property was sold by Charles J. Long Trust, out of Michigan.
The project is just two blocks from the Saddleback Memorial Hospital and just outside Gate 4 of Leisure World Laguna Woods. Occupancy was 86% at the time of sale.
Laguna Hill Medical Arts Building B, located at 24953 Paseo de Valencia, has two sister buildings that were built in 1979. Each of the three buildings is separately owned. Building B currently has 10 tenants and three vacant units that have not been marketed for lease for years as they served as storage for the seller and his tenants.
NAI Capital Senior vice presidents John Bosko and Bob Bush represented the seller in the deal. According to Bosko, the property presented the new owner with good upside potential in the vacant units. “Demand for medical office space has pushed vacancy into the single digits in Orange County and rents have begun to ascend.”
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