John Bosko and Bob Bush of the NAI Capital Newport Beach office represented both the buyer and the seller. Bosko tells GlobeSt.com that the buyers plan to construct a medical office building of approximately 24,000 sf, with the new space expected to be completed and ready for occupancy by third quarter 2004.

Bosko says the NAI brokers are already in negotiations with a prospective tenant for about 8,000 sf of the new space planned for the Corona Professional Park. Exactly what is built on the site will depend on the negotiations' outcome, which could lead to a build-to-suit outpatient surgical center, Bosko says. Such a building would require considerably more tenant improvements than an ordinary medical office building so the new owners want to be sure the deal is sealed before they build the facility, he adds.

The existing Corona Professional Park comprises 72,236 sf in buildings at 800, 802, 854 and 886 Magnolia Ave. Bosko and Bush were the park's leasing agents and represented Magnolia Investors when it purchased the Corona Professional Park in April 2000 for $5.6 million.

Since acquiring the medical office park, Magnolia Investors rehabbed it and boosted occupancy from 55% to the current 98%, Bush notes. The park is adjacent to Corona Regional Rehabilitation Hospital and represents 25% of the entire medical office market in Corona. The park is the first medical property purchase by Recodo Corona Plaza No. 1, which owns other types of commercial property in Southern California.