On-campus Laguna Hills MOB trades for $31.335M
JLL Capital Markets led sales efforts for The Laguna, located in the supply-constrained Laguna Hills market
SAN DIEGO – Apr. 14, 2021 – JLL Capital Markets announced today that it has closed the $31.335 million sale of The Laguna, a 57,573-square-foot, medical office building in Laguna Hills, California.
JLL represented the seller, Meridian, in arranging the sale to the buyer, a publicly traded real estate investment trust.
The Laguna is located at 24022 Calle de la Plata on the campus of the 325-bed MemorialCare Saddleback Medical Center. This affluent location boasts attractive healthcare demographics with half the population aged 65+ within a one-mile radius.
The five-story, fee simple property was originally built in 1983 and renovated in 2019, including installing electric car chargers on site, common area renovations, a fire suppression system and an LED lighting retrofit.
The JLL Healthcare Capital Markets team representing the seller was led by Managing Directors Evan Kovac, Andrew Milne and John Chun, and Vice President Trent Jemmett.
“Medical office building space availability has dramatically decreased around the MemorialCare campus in the last few years – dropping from 24% vacancy in 2017 to less than 10% today,” Milne said. “Ownership will benefit from the recent upgrades in conjunction with the lack of available MOB space in the immediate vicinity to capture upside by leasing up the largest vacant block of space on the campus.”
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 investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Founded in 1999, Northern California-based Meridian is a full-service real estate developer and investor specializing in high quality, brand-enhancing developments with distinctive expertise in healthcare real estate. Meridian’s services are broad in scope, but meticulous in detail — from site evaluation and land acquisition to entitlement and planning to construction management. To learn more, please visit: mppca.com.