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ORANGE, CA-Saunders Property Co. of Newport Beach has paid about $14.8 million for six acres that house the Chapman Medical Center and the Chapman Medical Office Building.

Pat Scruggs of the CB Richard Ellis Private Client Group in Newport Beach tells GlobeSt.com that Saunders acquired the acreage, which is composed of three separate parcels, from Chapman Investment Associates of Orange County, which had owned the land for about 30 years. Scruggs and Gary Stache, also of the CBRE group’s Newport Beach office, represented both the buyer and the seller.

Scruggs explains the land is leased until Dec. 31, 2013, to Tenet Healthcare, operator of the two medical buildings. As is typically the case with ground leases, Scruggs explains, the Chapman Medical Center and the Chapman Medical Office Building improvements will revert to Saunders when Tenet’s ground lease expires unless a new one is structured, as so often happens.

The buildings are at 2601 and 2617 E. Chapman Ave. Chapman Medical Center is a 114-bed acute-care facility, including a 24-hour emergency room consisting of approximately 89,000 sf. The 39,600-sf Chapman Medical Office Building is a three-story structure that’s contiguous to the hospital.

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