Pintar Investment Company is under contract to buy Laguna Design Center.
The San Juan Capistrano-based real estate investment firm moved to purchase the 40-year-old Laguna Niguel shopping mall earlier this month, the Orange County Business Journal reported. The building is currently owned by Dallas-based Dunhill Partners. Terms of the deal were not disclosed.
The successful bid comes after a Pintar Investment deal to take over the nearby Chet Holifield Federal Building, commonly known as the Ziggurat, fell through earlier this year. Last October, Pintar and business partner Hilco Development emerged on top with a $177 million deal for the iconic Ziggurat building and accompanying 92-acre property, but the agreement fell apart six months later amid legal back-and-forth.
Spanning 240,000 square feet on a 12.6-acre property at 23811 Aliso Creek Road, the Laguna Design Center hosts high-end interior design and furniture stores catering to some of the area’s wealthy residents. San Juan Capistrano and Coto de Caza, for example, are no stranger to nine-figure home sales.
In total, the Laguna Design Center has 40 showrooms for home furnishings and design companies including Baker McGuire, California Style Home Collections, Exquisite Surfaces, Interiors Fine Flooring, Markowicz Fine Art, Stosa Cucine and The Shade Store.
Pintar plans to redevelop the Design Center for “a broader mix of uses” including new food and beverage options and other retailers. The company envisions a place that “offers a more connected, experience-driven environment for the broader public,” the firm said in a statement to the Business Journal.
Pintar CEO Jeff Pintar pointed out as a 20-year Laguna Niguel resident that the 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.”
The Laguna Niguel deal is close to home for the San Juan Capistrano-based firm, contrasting with another major move for the company earlier this year.
In March, Pintar Investment bought 51 acres of land in Austin, Texas, with plans to build 171 built-to-rent townhomes on a 12.5-acre plot and sell off the remaining 38.5 acres to a homebuilder. Construction on the first phase of townhomes there could begin as soon as the end of this year.
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