Orange County Medical Office Asset Changes Hands for $80M – What is a Ground Lease?

, Orange County Medical Office Asset Changes Hands for $80M – What is a Ground Lease?, Robert Khodadadian

Imperial Mariner. Image courtesy of JLL

Healthcare Property Advisors has purchased Imperial Mariner, a four-building medical office campus in Brea, Calif. JLL Capital Markets brokered the $80 million transaction on behalf the seller, AdelFi Credit Union, and procured the buyer. The firm also arranged a $44 million acquisition loan to back the deal, funded by Farmers & Merchants Bank.

AdelFi is among the tenants at the property—along with St. Jude Heritage Medical Group, NCH Management and Emart America— and will continue to reside at the campus under a short-term leaseback agreement. Imperial Mariner was 89 percent occupied at the time of the transaction.

JLL Managing Director John Chun, Associate Sam Godfrey and Director Anthony Sardo negotiated the financing on behalf of the borrower, while Chun, along with Senior Director Blake Bokosky, Senior Managing Director Louis Tomaselli and Analyst John Andreasen represented the seller in the transaction.

Medical office maintains lasting appeal

Constructed between 2002 and 2008, the 288,189-square-foot asset sits on a on a 17.4-acre site, zoned for additional medical office development or industrial redevelopment. In a prepared statement, Bokosky said that the brokerage is seeing heightened investor interest in high-quality, low-rise office properties in Orange County, with potential for alternative uses.

Located at 915–975 W. Imperial Highway and 950 Mariner St., Imperial Mariner offers connectivity to California State Route 57. The property is 20 miles from John Wayne Airport and less than two miles from downtown Brea, while Fullerton Commuter Rail and Buena Park Commuter Rail provide additional transit options.

Just last month, Buchanan Partners acquired Oakbrook Plaza, a 120,354-square-foot medical office conversion property in Laguna Hills, Calif.

The post Orange County Medical Office Asset Changes Hands for $80M appeared first on Commercial Property Executive.

 Investment, Medical Office, News, Orange County, West, Farmers & Merchants Bank, JLL, JLL Capital Markets 

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