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Thursday, Mar 28, 2024
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Landmark Lakehills

New York-based Investcorp and Santa Barbara-based Pacifica Real Estate Group have teamed to acquire Landmark Lakehills, a 231,323-square-foot, six-building office complex in Laguna Hills, for $38.2 million from Landmark Asset Management Group, Laguna Hills, and New York-based DRA Advisors Inc.

As reported in the Business Journal in November, Los Angeles-based Investment Development Services had signed a tentative agreement to buy the properties for somewhat less than $42 million. However, IDS was unable to secure financing and subsequently dropped out of the deal, said Corey Hansen, president of Landmark. Talks with Investcorp began soon after, he said.

The complex is 89% occupied with tenants that include Dole Fresh Fruit Co., ALTEC Inc. and Behr Corp.

“Landmark Lakehills is a well-positioned property and competitive in its market,” said Ed Lord, business coordinator for Investcorp. “This property was well-priced office space, with an excellent growth potential.”

The Laguna Hills acquisition is part of an ongoing investment in California by Investcorp. It also recently closed a $35 million deal for a 221,224-square-foot shopping center in Brea. Other investments include properties in Long Beach, Westlake Village, and Pacifica, and 13 hotels on the coastline from San Diego to San Francisco.

“We will continue to acquire properties in California, since we believe that lease rates will continue to rise in the coming years,” said Lord.

Investcorp focuses on high-quality commercial, hotel, and residential properties with a current portfolio of $1.2 billion. The company also does corporate investments and asset management. n

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