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SAN CLEMENTE, CA-An Orange County-based firm has acquired the 86,207-sf Quest Diagnostics building at 1311 Calle Batido for $23.27 million, a building that comes with hard-to-find developable land that could be turned into leasable space, according to CB Richard Ellis. Irvine-based BioRealty Inc. bought the property from Mission Viejo-based Makena Properties in a transaction that was brokered by Gary Stache, Darla Longo, Pat Scruggs, Barbara Emmons, Patrick Toomey and Anthony DeLorenzo of the CB RichardEllis Newport Beach office.

The building is fully occupied by Quest, a Lyndhurst, NJ-based company that is one of the country’s largest providers of diagnostic testing, information and services for patients and doctors. The $5.5-billion (annual revenues) company provides its services through a national network of 30-plus regional laboratories, approximately 150 rapid response laboratories and more than 2,000 patient service centers.

The excess land makes the property “a rare South County investment transaction,” according to the CB Richard Ellis brokers, because relatively few such sites are available for development. Quest Diagnostics is mid-way into a 10-year lease of the building, which serves as a regional facility for the New Jersey firm, according to BioRealty Inc.

BioRealty says that it identified the single-tenant, two-story project as a possible value-added investment opportunity for the Irvine-based company and one of its institutional client partners. The excess land at the project is an adjacent site of 1.37 acres.

The additional land “can accommodate either future development or allow for additional parking so the existing facility can be expanded,” BioRealty says. The project will be financed through equity from BRI and its institutional client partner and a loan from a national life insurance company.

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