San Diego-based Cruzan and financial partner Cigna Investments Management have refinanced a nearly 224,000-square-foot creative office complex they own in Laguna Hills.
CBRE Group Inc. arranged a $55.9 million loan for the refinance of the five-building property just off Moulton Parkway, which Cruzan bought in 2015 for $46 million, or about $206 per square foot.
It rebranded the property as HERE, and invested more than $13 million in upgrades, converting the property from a traditional office to a creative one through the addition of amenities such as a fitness center, café, conference center, and tenant gathering places.
The property, now fully leased, was about 78% occupied at the time of sale, according to data from CoStar Group Inc.
There are currently 42 tenants at the complex.
Mark McGovern, Scott Peterson, Morgon Fraser, and Brian Cruz of CBRE’s San Diego office arranged the two-year loan.
“South Orange County has become an extremely sought-after office location and HERE has been a prominent figure in the development of that market,” said McGovern.
“The refinancing of this incredible property will allow our client to continue to provide incoming tenants with the high-end amenities and working environments that they desire.”
