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REAL ESTATE: $40M complex joins Sakura, Villa de Formosa
The Foothill Ranch office complex that holds the headquarters of mortgage lender LoanDepot Inc. is the latest notable area commercial property to be bought by a wealthy local investor.
Towne Centre Plaza, a three-building office campus next to the Foothill Transportation Corridor (241) toll road, traded hands this month for about $40 million, according to property records and real estate sources.
The three-story buildings at the complex total close to 204,000 square feet, putting the sale at roughly $196 per square foot.
LoanDepot is the largest tenant at the fully leased property and has its headquarters at its 26642 Towne Centre Drive building.
The privately held company, which is among the largest nonbank mortgage lenders in the U.S., leased 131,267 square feet, according to regulatory documents.
Its lease runs through 2023, according to CoStar Group Inc. records.
LoanDepot also has close to another 100,000 square feet of office space in other buildings in the area for its direct-lending operations, according to brokerage data.
Sakura Paper
The seller was an affiliate of New Yorkbased private-equity giant Blackstone Group, which acquired Towne Centre Plaza in 2015 as part of a large portfolio sale of office buildings in OC and other markets that had been operating under the banner of...