Plaza Gets New Owner

Continuing its buying spree of coastal and commercial properties, Capital Pacific Holdings Inc. purchased Summit Office Plaza in Laguna Hills from Yozya Development Inc. for an undisclosed sum.

The plaza, in the 23000 block of Mill Creek Road, consists of twin three-story office buildings linked by a common area. The buildings are more than 95% leased.

In April, Capital Pacific acquired the L.A. Cellular Building in Newport Beach for $4.2 million from the Karen Larae Dempsey Trust. Last month, the company bought Redhill Centre, a Costa Mesa office building.

Pacific Capital, a Newport Beach-based real estate development and holding company operating in California, Nevada, Arizona and Texas, also has been developing several projects for expensive homes, including 132 acres on the Palos Verdes Peninsula and a total of about 40 acres in Dana Point.