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1/11/22
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Here’s a quick sales comp of a recent OC medical office building trade. A 34.2k sf facility in Aliso Viejo sold for $17.5 mil, or $512/sf. It was 62% leased at time of sale.
The building, located at 15 Mareblu, is also known as the Aliso Viejo Professional Centre. The three-story, medical office structure was built in 1990 and features elevators, sprinklers throughout, abundant natural light and 144 free surface parking spaces. The building also boasts excellent highway exposure on California State Route 73, with building-top signage opportunities.
Aliso Viejo Professional Centre benefits from being in one of the most affluent neighborhoods in Orange County. The immediate area benefits from a strong demographic profile and tenant base as well as ease of access via arterial freeways from Orange County and northern San Diego.
John Scruggs and Associate Daniel Nabavi with Newmark represented the undisclosed seller in the deal. According to Scruggs, demand for medical office investments has escalated rapidly following the COVID-19 pandemic as investors look for opportunities to diversify their portfolio with stable asset types such as medical office and industrial properties.
According to Newmark’s Global Healthcare Services specialty practice group, medical office building (MOB) sales saw a flurry of transactions during the third quarter of 2021, with a 103% increase in transaction volume compared to the third quarter of 2020. Year-to-date transaction volume through the third quarter has also increased by 13% compared to the first three quarters of 2020. With more investors entering the MOB space, third-quarter cap rates compressed to 6.2%. The tightening market drove the average price per square foot to $377—the highest it has been in the past five years.
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