HFF announces sale of Saddleback Financial Center in Laguna Hills, California
SAN DIEGO, CA – November 20, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Saddleback Financial Center, a four-story, 72,928-square-foot medical office tower in Laguna Hills, California.
The HFF team marketed the property on behalf of the seller, True North Management Group, LLC, and procured the buyer, an affiliate of Laurus Corporation.
Saddleback Financial Center is located on the campus of MemorialCare’s Saddleback Memorial Medical Center, adjacent to Laguna Woods Village and the Laguna Hills Mall in the South Orange County submarket. This submarket is one of the most affluent and highly educated locations on the West Coast, boasting an average household income of $116,000 within a five-mile radius of the property. Additionally, Saddleback Financial Center is convenient to Interstate 5 and California 73. Currently 68 percent leased, tenants at the property include the Department of Rehabilitation and California Bank and Trust. The four-story building, which was renovated in 2003, has reserved parking within a shared parking structure.
The HFF investment advisory team representing the seller included managing director Evan Kovac, directors Derreck Barker and Andrew Milne and senior associate Trent Jemmett.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About True North Management Group
True North Management Group (True North), founded in 2004, is a real estate investment management firm headquartered in White Plains, New York. Since inception, the firm has successfully invested over $1.2 billion of institutional investor capital in debt and equity investments across all property types throughout the United States. True North currently has ownership interests in approximately four million square feet of office properties.
About Laurus Corporation
Laurus Corp. is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. With more than $1.2 billion in assets under management, Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post acquisition asset management. The company was founded in 1999 by Andres and Jean Paul Szita, and is affiliated with Ethika Investments, LLC, a real estate private equity firm.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.