MOB Sells for Record-Breaking Cap Rate

NEWPORT BEACH, CA-A private investor has purchased a single-story, triple-net-leased medical office building at 4300 Von Karman in the Koll Center Newport here from the PRES Cos. for $5.4 million. The building will be occupied by DaVita Dialysis. The price per square foot of $811 represents the highest price achieved for a net-leased property sold for more than $5 million ever in Orange County, according to industry experts, and the 4.95% cap rate is the lowest cap rate ever for a DaVita-occupied property nationally. Nicholas Coo, Matthew Mousavi and Patick Luther of Faris Lee Investments represented PRES in the transaction, while the buyer was represented by Jack McNutt of Newmark Grubb Knight Frank.

MORENO VALLEY, CA-First Industrial Realty Trust has purchased 13 separate but contiguous properties here for $17 million to develop a modern logistics center. The complex land-assemblage package was managed by Colliers International EVP Kevin McKenna and associate Scott Sanders, who found a site that could accommodate a 1.4-million-square-foot specialized logistics facility. First Industrial is working through its development plan and has not yet disclosed when it plans to break ground on the project.  It is marketing the site as a solution for companies seeking to expand or consolidate in the Inland Empire, including logistics firms, retailers, and other large corporate users. The site is centrally located in the Inland Empire with direct access to I-215, I-15 and both the Pomona and San Bernardino freeways.