REAL ESTATE : Joint Venture Formed to Develop Rancho Santa Margarita Complex

Saddleback Associates, a Santa Ana developer, and Santa Margarita Co., an enormous South County landowner, have formed a joint venture to develop an eight-acre, $11-million complex of 16 buildings for light industry.

The new Saddleback Business Center is the third such joint venture by Santa Margarita Co. in Rancho Santa Margarita’s business park.

The two previous ventures were with Koll Co. and Lincoln Property Co. Both are nearly 100% leased, Santa Margarita Co. says.