ALISO VIEJO, CA-Accretive Realty Advisors Inc. has sold 24502 Pacific Park Dr., a 90%-occupied, 27,192-square-foot, class-A medical-office building known as Aliso Viejo Medical Center to a private-equity fund for an amount undisclosed to GlobeSt.com. Accretive had purchased the three-story MOB in August 2010 as a value-add project and immediately embarked upon a substantial renovation of the building's entry, main lobby, elevator, common restrooms and HVAC system.

Newmark Grubb Knight Frank's executive managing directors Garth Hogan and Todd Perman worked with Richard Bland of Cornish & Carey Newmark Knight Frank on the transaction after renewing the property's largest tenant, Kaiser Permanente, earlier this year. Guggenheim Realty Group acted as advisor for the buyer.

In August, Hogan had completed a five-year lease renewal with Kaiser for approximately 19,000 square feet, or 70% of the property's rentable space. Kaiser has been operating its multi-specialty clinic outpatient and primary-care services at the location for more than 15 years, and the renewal positioned the property for sale as a stable medical-office asset

“Medical office has emerged as a strong choice for investor portfolio diversification,” says Hogan. “Historically, multifamily has been the darling for investors, but we are seeing a swing toward the stability of medical office, especially in an attractive market such as south Orange County.”

Hogan adds that as the Affordable Care Act is implemented, “and as we face the reality of an aging population that desires high-quality, well-located healthcare, the demand for suburban medical office will only grow. For investors, this will further increase the appeal of modern and improved medical assets in areas where demographics drive demand for healthcare. With a strong major tenant, Aliso Viejo Medical Center is the perfect example of an MOB that matched these high demand characteristics.”

So far this year, NGKF Global Healthcare Services has leased more than 200,000 square feet of medical-office space in Southern California and has sold more than $300 million in healthcare properties nationally.

As GlobeSt.com reported earlier this week, Scott Read, executive managing director in NGKF's Newport Beach office, partnered with CBRE's Bob Smith, Paul Jones and Kevin Shannon to reposition and sell 16752 Armstrong Ave. in Irvine as creative space on behalf of Shubin Nadal Realty Investors. Having brokered the sale of the property to the sellers in December 2011, NGKF continued to work with Shubin Nadal as the ownership executed the conversion. In addition, as the owner's leasing representative, NGKF negotiated a 15-year lease with Fox Head Inc., a sports-accessories and apparel company serving the motocross industry, to take the entire space.