Financial terms of the transaction were not disclosed, but Lillibridge is believed to have paid about $30 million for the property. The five-story medical office building is positioned on 2 1/2 acres adjacent to the campus of Saddleback Memorial Medical Center, a full-service, non-profit medical center with 235 beds. The purchase included a six-story, 1,118-space garage. The 23-year-old medical center was 85% leased at sale time. Saddleback Valley Medical Center is across from the Laguna Hills Mall and close to the Leisure World retirement community.
Todd W. Lillibridge, chairman and CEO of Lillibridge, says the asset complements its existing portfolio. The REIT acquires, develops and manages medical office buildings and outpatient facilities for non-profit hospitals and health-care systems nationwide. Lillibridge manages other medical office properties in the state and has been expanding its western region operations over the past two years, its chairman points out.
John "Jack" A. Dudick, Lillibridge's acquisitions director, represented the company in the transaction, while the seller was represented by Michael Leggett of CB Richard Ellis Inc. Dudick tells GlobeSt.com that Lillibridge "is looking to grow our West Coast presence" with future acquisitions. The REIT's portfolio includes nearly eight million sf of outpatient facilities under ownership and/or management.
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