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Real Estate Development Associates LLC, The Bascom Group and Westminster Capital LLC Acquires OC Land for Medical Office Project

4/14/15

Real Estate Development Associates LLC (REDA) has partnered with The Bascom Group and Lake Forrest, IL-based investment management firm, Westminster Capital LLC, on the land acquisition and development of four acres in the Santa Ana Heights area of Newport Beach. The venture will commence construction on Newport Heights Medical Campus, a 64k sf medical office property, this summer.

The campus will consist of two Class A buildings, a 20k sf structure at 20350 Birch and a 44k sf building at 20360 Birch St. Both buildings will benefit from a 5:1,000 parking ratio and feature lush landscaping and outdoor courtyards. Each building is designed for OSPHD-3 licensed medical clinics to support numerous uses including outpatient surgery and dialysis centers.

There is currently 1.3 msf of medical office space in the greater Newport Beach and Costa Mesa region with a vacancy rate of 5.6 percent, the lowest in the county, according to Cushman and Wakefield. Due to the low vacancy rate, many medical office buildings in the area are experiencing a waiting list of tenants.

“Other than the Hoag Hospital and the medical offices at Newport Center, there are not many options for patient services in the area,” said Jason Krotts, co-founder and principal of REDA. “We believe that the location is a strategic opportunity for a larger medical operator trying to break into the dense coastal market.”

“There is an aging population and a growing desire for non-emergency uses to be brought outside of hospital campuses,” said Krotts. “We have taken great care in designing a project that is harmonious with the Santa Ana Heights community and offers a sense of place for the patients who will be served at the facility.”

Don Yahn and Brett Swartzbaugh of Cushman and Wakefield’s Irvine office represented REDA in the land acquisition. Chris Bates of CBRE repped the seller, Newport Executive Court LLC. Ware Malcom is the project architect. Bryan McKenney of Cypress West Partners will handle the pre leasing and sales of the office suites.

“The site was entitled and approved for the development of a similar project in 2007, but was never brought to fruition due to the economic downturn. It is part of the City of Newport Beach’s vision for the redevelopment of the Santa Ana Heights-Birch Street Corridor,” said Yahn, executive director at Cushman and Wakefield.

The acquisition and project development come on the heels of REDA’s completion of two industrial warehousing distribution facilities totaling 500k sf in Commerce and Fontana. REDA currently has a pipeline of warehouse and distribution facilities in excess of 3 msf in planning stages. The firm is currently seeking new investment and development opportunities where it can create value through transformation.






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