The “Taj Mahal” of Laguna Hills has been sold for $42 million.
The distinctive 88,538 square-foot medical office building at 23521 Paseo De Valencia was bought by Healthcare Realty from the Muller Co., the Colliers brokerage says.
The Taj Mahal Medical Building, with its iconic columns, was built in 1964 and once housed top officials of the nearby Leisure World retirement village. Muller acquired the property in the late 1990s and retooled it into medical offices in 2011.
Healthcare Realty is a real estate investment trust focused on medical properties. Its Southern California portfolio controls nearly 750,000 square feet of space. A key attraction of the Taj Mahal to the buyers: It’s across the street from Saddleback Memorial Hospital.
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“The Taj Mahal building is as unique as its namesake in the commercial real estate world,” said Colliers senior vice president John Wadsworth. “The scarcity of acquiring a medical building in Southern California, let alone South Orange County, located across the street from a strong hospital, coupled with its size and tenant mix, was incredibly rare.”
The Taj Mahal was designed by Burke, Kober and Nicolais, an architectural and engineering firm that also did work on Leisure World projects in Laguna Hills and Seal Beach. The building also held offices for Leisure World’s developer Ross Cortese.
At the time of the 2011 remodel, architect David Jacobson was quoted as saying the Taj Mahal “is an excellent example of neoclassical contemporary architecture as exemplified by buildings such as the Dorothy Chandler Music Center in Los Angeles, the Avery Fisher Symphony Hall in New York and the American Embassy in Athens, Greece … These were all timeless, monumental buildings, designed by prominent architects of their time.”Related Articles
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