Enterprise Bank And Trust Acquires Mixed-Use Arts Portfolio In Laguna Beach For $5.2M

Enterprise Bank and Trust acquired an 88,000-SF mixed-use arts portfolio along Laguna Canyon Road in Laguna Beach for $5.2 million at a foreclosure sale. The properties, zoned within the city’s Arts District and spanning multiple addresses including 777 and 22446 Laguna Canyon Road, were formerly marketed as a larger assemblage and accommodate galleries, event spaces, and creative uses.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $5,200,000
• Square Footage: 88,000
• Price Per Square Foot: $59
• Buyer: Enterprise Bank and Trust
• Brokers: Nathan Holthouser, Maggie Attashian & Rebecca Canalez - Coastal Commercial

The transaction involved credit-bidding against roughly $29 million of outstanding debt, indicating significant financial maneuvering. The brokers representing the buyer were Nathan Holthouser, Maggie Attashian, and Rebecca Canalez from Coastal Commercial, highlighting the team's role in facilitating this acquisition.