X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MISSION VIEJO, CA-Buyers have acquired 13 medical office condominiums for $11.2 million in a two-story, 30,450-sf project known as Mission Hills Medical Center, according to Lee & Associates. The sale of the project, which is at 25982 Pala Dr., was brokered by Kurt Bruggeman and Kaye-T Wing of the Irvine office of Lee & Associates on behalf of Mission Hills Medical Center LLC. Bruggeman and Wing also represented the individual buyers of the units, who practice in a range of healthcare specialties including dentistry, optometry, physical medicine and rehabilitation, internal medicine, orthopedics, pain management, surgery, family medicine and pediatrics. The Lee brokers say the project was designed to enable buyers to acquire whatever size office is necessary for their practice and to customize the space after closing escrow on the shell units. The 13 units range from 1,274 sf to 3,415 sf. The Lee brokers point out that the property benefits from proximity to retail services and the I-5 Freeway. It is also centrally located between Mission Hospital Regional Medical Center in Mission Viejo and Saddleback Memorial Hospital in Laguna Hills. In addition to the Lee brokers, Bob Kehiayan of Investment R/C Source represented buyer Winland Investments Inc. The Mission Viejo transaction was one of a number of deals lately in which medical office condominiums have traded in Orange County. Three condos ranging from 1,257 sf to 3,500 sf sold this summer at Corona Medical Plaza in Fullerton, a two-story, 24,000-sf freestanding project with 13 condominium units. At the time the Fullerton sales closed, the other 10 units were in escrow too. Brokers say the sales underscore the brisk market for medical buildings of all kinds, both as investments and as owner-user deals.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.