Pintar Investment Co. LLC, a San Juan Capistrano-based real estate investment firm that was part of a group that lost a $177 million bid to take over ownership of the iconic Ziggurat building, has entered into a contract to buy Laguna Design Center.
Terms of the contract, announced earlier this month, were not immediately disclosed.
The Laguna Design Center is a 240,000-square-foot interior design and high-end home furnishings venue at 23811 Aliso Creek Road in Laguna Niguel, near the 92-acre federal property Pintar Investment tried to purchase late last year. Tenants include Baker Furniture and Realty One Group.
Pintar Investment, and then-business partner Hilco Development, in October won a $177 million offer for the Ziggurat bid, which was canceled six months later amid legal arguments.
Jeff Pintar, CEO of Pintar Investment Co., said his firm plans to redevelop the Design Center with new landscaping, signage and, according to a company statement, “a broader mix of uses.” Those new uses would include updated food and beverage offerings and daily needs retailers.
“We see a tremendous opportunity to elevate the Laguna Design Center into a space that not only supports the design community and their clientele but also offers a more connected, experience-driven environment for the broader public,” Pintar said in a statement.
“Having lived in Laguna Niguel for over 20 years, our community is desperate for a place where we can gather, shop, dine and connect in a convenient yet regional location that represents the lifestyle and values of our community,” Pintar said.
Laguna Design Center
The Laguna Design Center is home to 40 showrooms for home furnishings and design companies.
The nearly 240,000-square-foot home furnishings retail center was built on 12.6 acres in 1985 and, according to CoStar, is owned by Dallas-based Dunhill Partners.
Vendors include Baker McGuire, California Style Home Collections, Exquisite Surfaces, Interiors Fine Flooring, Markowicz Fine Art, Stosa Cucine and The Shade Store.
Pintar’s Other Project
Laguna Design Center is the latest real estate play for Pintar Investment. In March, the Orange County developer bought 51 acres of land in Austin, Texas. The property could be the home of a residential development with 171 build-to-rent homes in the Texas capital.
A 12.5-acre portion of the property would be where Pintar builds the 171 townhomes and, according to an investor presentation, could cost nearly $60 million to be developed.
The future use of the remaining 38.5 acres could be sold to a homebuilder, according to Pintar.
Pintar said construction on the first phase of the build-to-rent townhomes could start as early as late 2025, pending the completion of the entitlement process.
