Saturday, October 25, 2014

Avison Young completes $7.8-million sale of Mission Health Center in Rancho Santa Margarita, CA

Dan Vittone

 Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced it has completed the $7.8-million sale of Mission Health Center, a 23,289-square-foot (sf) medical office building in Rancho Santa Margarita, CA.

Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office, represented the buyer, Cypress West Realty Partners, LLC as well as the undisclosed seller.

The two-story building was 77% leased to six medical and dental clients at close of escrow. The largest tenant, Mission Hospital Regional Medical Center, occupies 34% of the building.

 Built in 2001 and situated on 1.57 acres, Mission Health Center is located at 22032 El Paseo in the affluent submarket of Rancho Santa Margarita in south Orange County.

The property is within the heart of the Rancho Santa Margarita Town Center, an approximate 29-acre power retail center, located at the intersection of the 241 Toll Road and Santa Margarita Parkway. The center offers a diversity of restaurants, stores, banks and other retail amenities.

Alan Pekarcik

“The Affordable Care Act, along with policy changes and demographic shifts, stand to boost demand for medical office space,” comments Vittone.

“The push into communities has given way to development of ambulatory surgery centers, stand-alone emergency departments and multi-tenant properties housing physician offices like Mission Health Center.”

Vittone also noted that the Mission Health Center provided the buyer with the security of investing in a well-located building with a strong, long-term tenant base as well as the ability to add value through the lease-up of vacant space.

“As the healthcare segment grows, medical office sales accelerated by roughly 10% in 2013 on a national basis,” adds Pekarcik.

For a complete copy of the company’s news release, please contact: 

Darcie Giacchetto
D.G. Communications, Inc.

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