New York Life Snatches Centerstone Plaza

IRVINE, CA-New York Life Real Estate Investors has acquired Centerstone Plaza, a 159,880-square-foot office and retail project here on behalf of institutional investors for a price undisclosed to GlobeSt.com. Sources unrelated to the deal tell GlobeSt.com that the seller is Equity Office Properties.

Centerstone Plaza is currently 94% leased and is composed of four two-story office and medical-office buildings and two free-standing single-story restaurants. The property is located within the North Irvine submarket, adjacent to the Woodbridge master-planned housing development, which is one of the original and largest master-planned housing communities in the Irvine Ranch.

The tenant mix of Centerstone Plaza caters to the nearby housing developments with ground-floor/walk-in real estate offices, an educational company, a bank and the St. Joseph Hospital Irvine Health Center.

As GlobeSt.com reported earlier this month, speculative medical-office development may be a thing of the past as changes in healthcare reform are changing the healthcare real estate development landscape. GlobeSt.com recently spoke with Randy Regier, president, and Joe Lowe, newly appointed director of healthcare design firm Taylor, to discuss how these changes are impacting healthcare space and what the future looks like in this arena. At that time, Regier said, “It's hard to risk [speculative development] until there's a little better understanding of how it's going to be used and by which medical group—if you're going to put in a surgery imaging center vs. primary care, it's a little bit different model.”