NGKF Capital Markets has completed the $30 million sale of Oakbrook Plaza, a 119,927-square-foot multi-tenant Class A office building in Laguna Hills, CA. The asset was 79 percent leased by 28 tenants at the close of escrow and is located directly off the 5 freeway in the greater South Orange County submarket of Orange County.
Paul Jones, Kevin Shannon, Robert Griffith and Blake Bokosky of NGKF Capital Markets represented the seller, Lincoln Advisory Group, an affiliate of Lincoln Property Company, on behalf of a public pension fund. The buyer, an affiliate of New York-based Angelo Gordon & Co., represented itself. In addition, David Milestone and Brett Green of NGKF Capital Markets are arranging the debt financing for the buyer.
“The South Orange County office submarket continues to experience positive market fundamentals, and Orange County as a whole remains a coveted destination for institutional investor groups seeking quality assets in strategic locations,” said Jones. “While this is an institutional-quality asset in a strong location, the buyer recognized the opportunity to add value by making some minor capital improvements and lease-up of the remaining vacancy. There is also an extensive amount of residential and retail development in the immediate area which will be a huge attraction to current and future tenants at the project.”
Oakbrook Plaza, located at 24422 Avenida de la Carlota, is situated on 6.85 acres and consists of a four-story building. It was built in 1984 and renovated in 2015. The property offers distinctive architectural design, two-story dual lobby, building and signage visibility from the freeway, outside seating areas, lush landscaping, and ample surface parking. It is also next to Five Lagunas, a large retail center that was recently rebranded (formerly the Laguna Hills Mall).
This transaction is one of several completed over the past 30 days by NGKF Capital Markets West Coast team. The activity underscores the strength of the team and its broad capabilities having represented the buyer, seller and secured debt financing.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.