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.

949.278.6224

Avison Young completes lease renewal for PPG Aerospace in Valencia, CA

Andrew Berk

Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced it has completed a seven-year lease renewal on behalf of tenant PPG Aerospace, a division of PPG Industries, Inc. in Valencia, CA.

 Valued at $6.5 million, the specialized-industrial-space lease totaled 83,000 square feet (sf).

Avison Young Principal Mark Evanoff and Andrew Berk, a Vice-President in the company’s Los Angeles North office, represented PPG Aerospace. The landlord, Krausz Company, represented itself.

 Located at 24811 Avenue Rockefeller, PPG uses the highly customized space for its aeronautics manufacturing, design and office space.

“The industrial product inventory in the North Los Angeles area is extremely constrained, with vacancy just under 4% – the lowest vacancy level in more than five years,” comments Evanoff.

Mark Evanoff

 “Given that there is minimal product and a lack of new product becoming available, Avison Young advised PPG on anticipated capital expenditures and a time-intensive move, should PPG opt to relocate,” adds Berk.

“As PPG had made highly specialized improvements to the property, we negotiated lease terms with the landlord by leveraging PPG’s stability and creditworthiness.

“We also successfully negotiated some out-of-the-box landlord concessions in order to achieve a cost-saving rental rate that shaved significant dollars off our client’s bottom line.”

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224