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LOS ANGELES, Nov. 15, 2017 – JLL's Capital Markets experts today announced the sale of La Paz Plaza, a 51,766-square-foot low-rise retail and medical office campus located in the affluent master-planned community of Mission Viejo in South Orange County, California to Combined Investments for $32.4 million.
JLL Executive Vice President G. Ryan Smith and Senior Vice President Matt Berres represented the seller, Flinn West, a private real estate company based in Newport Beach, California.
La Paz Plaza is situated in a brick and stone courtyard plaza and is comprised of four Spanish-style buildings. The property is 96 percent leased with close to 75x percent of net rentable area occupied by a diversified mix of medical tenants and 25 percent retail users.
"Flinn West did an incredible job with the re-positioning of La Paz Plaza over the past several years, converting general office suites to medical office to capitalize on the growing demand in the immediate area," said Berres.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
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