NEWPORT BEACH, CA (Aug. 8, 2011) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Pacific Medical Buildings has selected the company’s Healthcare Properties group to lease the future Shady Creek Medical Center (middle centered rendering).
Scheduled for completion in 2013, the center is a four-building Class A development that will offer 150,000 square feet of medical office space.
Garth Hogan, senior vice president and the group’s director, along with David Kluver, associate vice president, and John Scruggs, associate, will service as leasing agents of the center.
“A growing trend in the healthcare industry has been a rise in consolidations among medical groups, which has created a need for larger blocks of medical office space,” said Hogan.
“This project provides medical users large medical office suites at a state-of-the art site that otherwise are not available in the Irvine area. Adding to its attractiveness, Shady Creek Medical Center will be developed and managed by one of the premier medical office building development firms in the western U.S.”
According to CoStar, one of the leading commercial real estate information companies in the U.S., there are currently only three existing Orange County properties that have available medical office space sized larger than 10,000 square feet.
Shady Creek Medical Center will include three two-story medical office buildings, each comprising 50,000 square feet, and a 7,200-square-foot building designed for retail and commercial uses. The property will offer a parking ratio of five spaces per 1,000 square feet.
Located at the intersection of Sand Canyon and Alton Parkway, Shady Creek Medical Center will be adjacent to Hoag Orthopedic Institute (middle left photo), which has 70 beds and nine operating rooms, and Hoag Hospital Irvine (middle right photo), an 84-bed inpatient and outpatient hospital with intensive care, medical-surgical, cardiology, anesthesia care and emergency services that opened in fall 2010.
The property is also within walking distance of Kaiser Permanente Irvine Medical Center and offers easy access to Interstate 5 and 405, as well as California State Route 133.
San Diego-based Pacific Medical Buildings, the developer of the property, specializes in the development and management of medical office buildings, outpatient facilities and parking structures for hospital, medical groups and universities in the western U.S.
Its management affiliate, PMB Real Estate Services, will provide local professional property management for Shady Creek Medical Center. Pacific Medical Buildings currently has seven projects under development totaling approximately 500,000 square feet.
“With the strength of the medical office sector, there is incredible opportunity for developments such as these, especially when they are situated near renowned medical operators like Hoag and Kaiser Permanente,” said Mark Toothacre (lower left photo), president of Pacific Medical Buildings. “We are looking forward to bringing the expertise of our professionals to the development of this medical office and retail project.”
Contact: Julia McCartney, Phone: 714.975.2230
