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1/04/23
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Healthcare Property Advisors (HPA) has acquired Imperial Mariner, a four-building, 288.2k sf office / medical office campus in Brea, for $80 mil ($277.50/sf). The purchase was financed with an acquisition loan for $44 mil.
Imperial Mariner consists of four buildings completed between 2002 and 2008. The complex is currently 89% leased to a diverse tenant roster of 15 companies, including St. Jude Heritage Medical Group, NCH Management, EMart America and AdelFi, which will continue to occupy a portion of the campus under a short-term leaseback.
The property is located at 915 – 975 West Imperial Hwy and 950 Mariner St in the city of Brea. The 17.4-acre site has underlining zoning that allows for further medical office or future redevelopment into industrial.
Blake Bokosky, John Chun, Louis Tomaselli and John Andreasen with JLL Capital Markets represented the seller, AdelFi Credit Union, and procured the buyer in thr transaction. JLL’s Chun, Sam Godfrey and Anthony Sardo also advised HPA on the acquisition loan with Farmers & Merchants Bank.
“HPA was drawn to Imperial Mariner as an attractive investment through their pursuit of well-performing office assets that have alternative uses and future redevelopment potential,” Bokosky said. “Imperial Mariner represents a high-quality, well-leased office campus that HPA will clearly benefit from its prior ownership’s vision and execution. New ownership will have the potential to further the medical occupancy or redevelop the site in phases to Class A industrial product as a downside scenario.”
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