CBRE Announces Sale of Medical Office Building in Orange County to Local Private Equity Firm for $38.4 Million
2020 5월 18
Orange County, Calif. – CBRE announced the sale of a medical office building in Santa Ana, Calif. to IRA Capital, an Irvine, Calif.-based real estate private equity firm, for $38.4 million.
CBRE’s Gary Stache, Anthony DeLorenzo, Doug Mack, Bryan Johnson and Chris Martin represented the seller, St. Joseph Hospital of Orange and affiliated entities. The buyer was self-represented.
Located at 2212 E. 4th Street, the 56,809 square-foot property is home to anchor tenant St. Joseph Hospital of Orange, the third largest not-for-profit health system in the United States. St. Joseph Hospital currently operates primary care services, a pharmacy and dialysis center at the site. The freestanding, three-story medical office building recently underwent an $8.5 million specialized medical improvement program and features excess land that can accommodate an additional medical office building.
The building is located within one mile of the I-5 interchange with SR 55, providing access to Los Angeles, Orange and Riverside Counties. Multiple hospital systems are in proximity to the site.
“St. Joseph Hospital has occupied the property since 2008 and is currently on a 10-year, triple-net lease that eliminates significant rollover risks for the new owner,” said Stache. “This long-term tenancy provides exceptional ease of ownership, durable positive cash flow and inflation-protected income.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.