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6/08/12
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Two medical-related office buildings totaling roughly 100k sf in Orange County traded hands in a recent transaction valued at $19.255 mil ($193/sf). The buildings, located in the cities of Cypress and Costa Mesa, are fully occupied by WCCT Global LLC, an early phase drug development Clinical Research Organization (CRO).
Darrell Levonian, Justin Mendelson and Fred Sheriff from the Charles Dunn Company’s Century City office represented the buyer, Davies-Torrance Trust, from the San Francisco area, and the seller, a private family LLC who also had a significant ownership interest in the tenant. According to Levonian, the seller’s preference was to sell the buildings to a single buyer, reorganize the debt and equity structure of its real estate holdings, and to diversify its overall portfolio.
Below is information on each of the properties:
• 5630 Cerritos Avenue in Cypress totals 76k sf on 3.55 acres. Built in 1989, the two-story medical office property also includes a warehouse/distribution capability, and offers excellent entry and exit points from Cerritos Avenue.
• 3545 Howard Way in Costa Mesa totals 23.1k sf on 1.13 acres. Built in 1986, the two-story medical office property is located within MP Industrial Park. If also offers excellent entry and exit points from Howard Way.
“The medical-related office property market is in high demand as investors seek the stability and participation in the ever-growing field of new prescription drug development,” said Levonian. “Well-located, single tenant net-leased properties with a proven tenant such as in this portfolio, presented an opportunity for the buyer to have a long-term, management-free investment return in this growing market sector. Additionally, the structure of the leases offered an excellent return and inflation protection for years to come.”
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