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| 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.
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| 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.
949.278.6224
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