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December 8, 2019
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ORANGE COUNTY NEWS
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LaSalle Investment Management Buys OC Medical Office Property

9/05/19

Newport Heights Medical Center (NHMC), a 60k sf medical office property in Newport Beach, was purchased by LaSalle Investment Management. Built in 2017, NHMC consists of two Class A buildings that are 100% occupied. The price was not disclosed.

Building One, located at 20350 Birch St contains 18.3k sf of space, while Building Two, located at 20360 Birch St, is 41.7k sf in size. The properties were sold by Real Estate Development Associates LLC (REDA).

REDA acquired the four-acre site for NHMC in 2015 for $8.8 mil. The firm proceeded to re-entitle the site for construction of two, two-story medical office buildings. “We saw strong potential in this location, due to great transportation access and the lack of new state-of-the-art medical office space in the immediate area. The site is surrounded by a number of hospitals and major medical centers but existing product was functionally obsolete,” said REDA Founder and Principal Jason Krotts. To that point, the surrounding area includes Hoag Hospital – Newport Beach, Fountain Valley Medical Center, Orange Coast Memorial and UC Irvine Medical Center.

In 2016, REDA initiated construction on a speculative basis and completed the buildings in 2017. The campus is now home to Starpoint Health Outpatient Surgery Center, UCI Health Newport, Eden Fertility Management, Newport Foot and Ankle, Grover Aesthetics and Lea Plastic Surgery. Bryan McKenney of Cypress West Partners handled NHMC leasing.

REDA was represented in the disposition by Chris Bodnar, Anthony DeLorenzo and Ryan Lindsley of CBRE. The NHMC team included lender Bank of the West, investors Bascom Group and Westminster Funds, contractor Millie Severson, and property manager California Commercial.

Since its founding in 2009, REDA has primarily focused on industrial development throughout Southern California. The firm currently has close to 500 acres of development land in the Inland Empire in all phases from pre-entitlement to construction. The firm is now under construction on 2.5 msf of industrial space in Ontario and San Bernardino. REDA has invested almost $500 mil of equity and controls development assets with approximately $1.7 bil in stabilized value.






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