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IRVINE, CA-Redhill Realty Fund, a division of Costa Mesa-based Net Development Co., has come up with an answer for the burgeoning demand for medical office space by acquiring a 106,676-sf industrial building to convert it into 68,274 sf of medical office suites for sale. The former industrial building, which is getting a new address as well as a new name, was at 17481 Red Hill Ave. in the Irvine Business Complex and was occupied by an aerospace firm when it was last used as an industrial facility.

The property, which will now have the new street addresses of 1400 and 1420 Reynolds Ave., is now called MacArthur Medical Campus. Net Development is taking what was one building, trimming away some of the space and converting it into two freestanding buildings of suites ranging from 1,387 sf to 34,138 sf.

Net Development, which has been building medical facilities for more than 25 years, has already broken ground on the project, which is scheduled to be completed in the first quarter of 2008. The developer acquired the building from IG Equities of Beverly Hills, with Scott Read of the Newport Beach office of Grubb & Ellis representing Redhill Realty and IG Equities represented by Dave Desper and Chip Wright of CB Richard Ellis.

Grubb & Ellis has also landed the listing for the new project, with Read, Wade Tift and Byron Foss of the company’s Newport Beach office representing Redhill Realty on the sale of the new office suites. The development is expected to benefit from the fast-growing demand for medical space in the region as well as its prime locationat the prominent corner of MacArthur Boulevard and Red Hill Avenue.

Demand for medical office space has been burgeoning as a result of residential growth in and around Irvine. Market reports says that medical developments have not kept pace with this demand and very few projects have offered office suites on a for-sale basis.

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