September 5, 2019
LaSalle Investment Management acquired Newport Heights Medical Center (NHMC) in Newport Beach, CA from Southern California-based Real Estate Development Associates, LLC (REDA). Built in 2017, the100%-occupied campus consists of two class A buildings totaling 59,978 square feet.
Building One, located at 20350 Birch St., is 18,303 square feet, and Building Two, located at 20360 Birch St., is 41,675 square feet. REDA acquired the four-acre site in 2015 for $8.8 million. The firm proceeded to re-entitle the site for construction of the pair of two-story spec medical office buildings.
REDA’s Jason Krotts says, “We saw strong potential in this location, due to great transportation access and the lack of new state-of-the-art medical office space in the immediate area. The site is surrounded by a number of hospitals and major medical centers, but existing product was functionally obsolete.”
REDA was represented by Chris Bodnar, Anthony DeLorenzo and Ryan Lindsley of CBRE.
Connect Healthcare is coming up October 2 and 3, 2019 at The Resort at Pelican Hill in Newport Coast. More information about the event and registration details can be found here.
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