 |
New home of DaVita Dialysis at 4300 Von Karman Avenue,
Koll Center Newport, Newport Beach, FL
|
IRVINE,
CA, July 2, 2013 – Faris Lee Investments, the nation’s largest
retail-specialized investment advisory firm, has completed a record-breaking,
$5.4 million sale of a single-story, absolute NNN leased medical office
building soon to be occupied by DaVita Dialysis, a Fortune 500 company
and one of the country’s largest providers of dialysis.
 |
| Nicholas Coo |
The
6,652-square-foot property is situated on .75 acres of land and is located
within Koll Center Newport at 4300 Von Karman Avenue, Newport Beach,
Calif.
Built in 1991 and owned by PRES since 2004, the
freestanding property is a rare, self-parked freestanding property in Koll
Center Newport.
The
asset has excellent street frontage and visibility along Von Karman Ave. and is
just two blocks from John Wayne Airport and near the 405, 73 and 55
freeways. There are more than 437,000 people living within a five-mile radius
of the property with an average household annual income of $111,000.
 |
| Matthew Mousavi |
Nicholas
Coo, Matthew Mousavi, and Patrick Luther with Faris Lee Investments represented
the seller, Irvine, Calif.-based The PRES Companies (PRES), a value-add
investment real estate and services firm.
The buyer was a private investor who was
represented by Jack McNutt of Newmark Grubb Knight Frank.
The sale
closed at a 4.95 percent cap rate which is the lowest cap rate ever for a DaVita-occupied
property nationally. Additionally, with a price-per-square-foot of $811, this
represents the highest price achieved for a net-leased property sold for more
than $5 million ever in Orange County according to CoStar records.
 |
| Patrick Luther |
“After
exploring all our options for 4300 Von Karman, PRES ultimately negotiated a
15-year lease with Davita,” said David Bonaparte, Managing Principal
with PRES. “Once we were close to finalizing the lease, PRES engaged Faris Lee
to develop a disposition and pricing strategy.
“Faris
Lee then began marketing the property as a pre-sale opportunity while DaVita
was still in its design stage.”
The
seller’s goal with the pre-sale strategy was to take advantage of favorable
market conditions.
 |
| David Bonaparte |
DaVita
is in the process of a major remodel that includes reconfiguration, high
quality finishes, and other medical tenant improvements. DaVita is planning to
move in later this year once completed.
“Overall,
the complex marketing and escrow period was a seamless, collaborative effort aimed
at communicating effectively with the buyer throughout the process. This
transaction required a high level of competency in order to close the
transaction before DaVita had completed its improvements,” said Coo.
 |
| Jack McNutt |
Coo added: “Given the pre-sale variables,
including a pending subdivision of the parcel, as well as remaining tenant
lease contingencies, the strong pricing is a major achievement.”
For a complete copy of the
company’s news release, please contact:
Darcie
Giacchetto
Spaulding
Thompson & Associates
949.278.6224
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