CBRE Funding Administration, engaged on behalf of a fund it manages, has partnered with Healthcare Realty Belief Inc. for the acquisition of a four-building medical workplace portfolio totaling 282,683 sq. ft in Mission Viejo, Calif. The three way partnership paid $134.8 million for the properties, Orange County data present.
The medical workplace buildings have been beforehand owned by Healthcare Belief of America Inc. earlier than its merger with HRT. HTA paid $150 million for the properties six years in the past, in keeping with CommercialEdge data.
The 4 buildings surrounding Mission Hospital got here on-line between 1974 and 1985 and have been lately up to date. Mission Medical Heart Buildings 1-3 at 27800 Medical Heart Highway and Mission Medical Heart Tower at 26732 Crown Valley Parkway embrace pharmacies, upgraded lobbies, newly added gurney-sized elevators in addition to up to date landscaping and ample parking. Specializing in sustainability, the renovations additionally included the addition of HVAC roof programs and LED lights, in addition to using recycled water in landscaping.
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As a result of sector’s efficiency throughout current market cycles, CBRE IM plans to speculate extra in medical workplace properties nationwide, Sondra Wenger, head of Americas Business Operator Division of CBRE Funding Administration, mentioned in ready remarks.
Investing in Orange County MOBs
Throughout the first seven months of the yr, 13 medical places of work totaling 919,392 sq. ft traded throughout the Orange County market, in keeping with CommercialEdge. The transactions averaged $307.20 per sq. foot, beneath the roughly $477 per sq. foot paid by CBRE IM.
One of many largest offers concerned a two-building medical workplace complicated totaling 146,510 sq. ft in Newport Seaside, Calif. Lionstone Investments paid $125 million for the absolutely leased asset by an all-cash transaction.
In one other notable transaction, Anchor Well being Properties bought Woodbridge Sq. Medical in Irvine, Calif., a property that was 94 % leased on the time, in keeping with a CBRE report. The Boureston Cos. bought the multi-tenant constructing for $27.6 million.
