OC Mixed-Use Project Changes Hands for $32M

Former owner Flinn West recently repositioned La Paz Plaza to offer in-demand medical offices, with some retail space. JLL brokered the sale.
La Paz Plaza, Mission Viejo, Calif.
La Paz Plaza, Mission Viejo, Calif.

Newport Beach, Calif.-based real estate company Flinn West has sold La Paz Plaza, a 51,766-square-foot, mixed-use property in Mission Viejo, Calif., to Combined Investments. JLL brokered the $32.4 million deal.

The four-building facility is located at 26137 La Paz Road, in a dense residential area. Flinn West recently upgraded the property, transforming the general office suites into medical office, which are now in high demand. The asset is 96 percent leased, with three-quarters of the space being occupied by medical tenants. The remaining space is used for retail purposes. The property can be reached from both Interstate 5 and California State Route 73.

Senior Vice President Matt Berres and Executive Vice President Ryan Smith of JLL Capital Markets closed the transaction on behalf of the seller.

The firm also recently negotiated an office lease for Incipio Group in Irvine, Calif. 

Image courtesy of JLL