ALISO VIEJO, CA-Accretive Realty of Irvine has acquired a 27,000-square-foot medical office building at 24502 Pacific Park here that is leased primarily to Kaiser Permanente, according to brokers from Colliers International who represented both the buyer and the seller in the transaction. Accretive Realty, which specializes in medical office space, bought the property from Newport Beach-based investment firm Saunders Property Co. for $7 million.
Built in 1987, the facility is a three-story medical office building, with two of the three floors occupied by Kaiser Permanente. The other floor is occupied by several local physician groups.
John Wadsworth, vice president and director of healthcare services in Colliers International’s Irvine office, points out that, “Despite the tough market for investment sales in general office product, there is still strong demand for medical office buildings from the investment community." Wadsworth, who represented both the buyer and the seller along with senior vice president Bob Hoyt in Colliers International’s Irvine office, adds that, "We have found that investment groups with an extensive medical background have been successful in identifying and structuring value-added medical plays, despite the difficult economic backdrop. These groups have been increasingly active in assembling medical office portfolios over the past 12 months.”
Buyer Accretive Realty Advisors was formed in 2003 to acquire, develop and manage medical assets throughout California. The company has experience in the entitlement, development, planning and construction of office buildings and tenant improvement construction of complex medical-related uses.
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