Jeff Demorest of the Newport Beach office of Daum tells GlobeSt.com that the doctors, all children of one Vietnamese immigrant, acquired a pair of two-story buildings located on about two acres at 14550-14560 Magnolia St. for the conversion. Demorest represented both the buyers and the sellers, two private individuals based in Westminster.
The buildings feature elevator service and parking of four spaces for each 1,000 sf of office space, Demorest says, and are well-suited to conversion for medical use. Demand for medical space in the Westminster area is strong, he says, and the users prefer to own their own buildings.
Demorest tells GlobeSt.com that the multiple offers on the property included three proposals from different doctors' groups. The two buildings are approximately 25% occupied, with the few remaining tenants scheduled to vacate when their leases expire. The two steel frame and stucco buildings were constructed in the mid-1970s.
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