Community Orthopedic bought the two-story, 8,200-sf concrete tilt-up building at 26471 Crown Valley Parkway for $1.55 million from a private investor who had owned it for about five years, according to George Economos of NAI Capital Commercial. Economos represented both sides in the transaction along with Steve Economos, also of NAI.
Community's new facility is in the 11-building Crown Corporate Center at Crown Valley and Marguerite parkways and will serve as a physical therapy office for the company. George Economos tells GlobeSt.com that the former tenant has moved out and the new owner will move in after tenant improvements are finished.
Economos says demand for medical office space has continued to grow despite the recession, making the medical field one of the two strongest sectors in the Orange County office market. The other is the mortgage industry, which has accounted for some of the largest office leases in the county this year.
Economos adds that the Community Orthopedic deal, at $189 per sf, indicates the strength of demand for small owner-user buildings.
"We haven't seen pricing like this since the late 1980s, and we've only seen it recently," he tells GlobeSt.com. "This particular building was even more valuable because it has full signage on Crown Valley Parkway."
The Crown Corporate Center is also popular with medical companies, he says, because it is near Mission Hospital and the I-5 Freeway.
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