Imperial Mariner. Picture courtesy of JLL
Healthcare Property Advisors has bought Imperial Mariner, a four-building medical workplace campus in Brea, Calif. JLL Capital Markets brokered the $80 million transaction on behalf the vendor, AdelFi Credit score Union, and procured the client. The agency additionally organized a $44 million acquisition mortgage to again the deal, funded by Farmers & Retailers Financial institution.
AdelFi is among the many tenants on the property—together with St. Jude Heritage Medical Group, NCH Administration and Emart America— and can proceed to reside on the campus below a short-term leaseback settlement. Imperial Mariner was 89 p.c occupied on the time of the transaction.
JLL Managing Director John Chun, Affiliate Sam Godfrey and Director Anthony Sardo negotiated the financing on behalf of the borrower, whereas Chun, together with Senior Director Blake Bokosky, Senior Managing Director Louis Tomaselli and Analyst John Andreasen represented the vendor within the transaction.
Medical workplace maintains lasting attraction
Constructed between 2002 and 2008, the 288,189-square-foot asset sits on a on a 17.4-acre web site, zoned for extra medical workplace growth or industrial redevelopment. In a ready assertion, Bokosky mentioned that the brokerage is seeing heightened investor curiosity in high-quality, low-rise workplace properties in Orange County, with potential for different makes use of.
Positioned at 915–975 W. Imperial Freeway and 950 Mariner St., Imperial Mariner gives connectivity to California State Route 57. The property is 20 miles from John Wayne Airport and fewer than two miles from downtown Brea, whereas Fullerton Commuter Rail and Buena Park Commuter Rail present extra transit choices.
Simply final month, Buchanan Companions acquired Oakbrook Plaza, a 120,354-square-foot medical workplace conversion property in Laguna Hills, Calif.
