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11/06/19
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A 21k sf, single-tenant dialysis clinic in the City of Orange has sold for $8.8 mil, or $419/sf. The property, located at 1809 West Chapman Ave, is fully occupied on an absolute, triple-net lease basis by Fresenius Medical Care.
Originally built in 1988 with a complete renovation in 2016 to meet Fresenius’ specifications, the asset is situated on 1.63 acres. 1809 West Chapman is well-located less than half a mile east of State Route 57 and benefits from 350 feet of frontage along Chapman Ave. It is also less than a mile from world-renowned U.C. Irvine Medical Center, St Joseph Hospital and CHOC Children’s Hospital as well as leading educational campuses Azusa Pacific and Chapman Universities.
With over 3,900 locations, Fresenius is the leading dialysis clinic in the United States, and this is one of its flagship Southern California locations. NKF’s Senior Managing Directors Glenn Rudy and Rob Ippolito represented the seller, Orange County-based Adray Plaza, LLC. The buyer, a Southern California-based family trust, who was in a 1031 exchange, was repped by Matthew Graham of Graham & Associates.
“This asset is adjacent to the Platinum Triangle of Anaheim, which is the most active area per capita for residential/mixed use development in all of Orange County, and subsequently has been attractive to capital investment,” said Rudy. “Given the long-term, net lease structure; strong credit tenancy; and favorable, infill location, this asset presents the new ownership with a safe, secure cash-flowing investment that is hard to replicate in today’s Orange County market.”
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