May 18, 2020
Irvine, CA-based IRA Capital acquired a medical office building in Santa Ana, CA from St. Joseph Hospital of Orange and affiliated entities for $38.4 million. Located at 2212 E. 4th St., 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.
The 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.
CBRE’s Gary Stache, Anthony DeLorenzo, Doug Mack, Bryan Johnson and Chris Martin represented the seller. The buyer was self- represented.
“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.
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