A portfolio company of the La Palma-based Innovation Institute is making real estate moves.
Brea-based HPA Realty Inc. said late last month that it spent $7.4 million to buy a 20,800-square-foot medical office building in Fullerton next to St. Jude Medical Center.
HPA said in a news release that the 101 Laguna Road building was bought through its growth fund as “a strategic investment in the future growth and planning of the hospital.” HPA will serve as the building’s leasing and property manager and will lease the entire first floor to the St. Jude Heritage Healthcare medical group, part of Irvine-based St. Joseph Health, a founding investor in the Innovation Institute.
The real estate firm said the growth fund is capped at $1 billion and that its partners, including Innovation Institute, will grow the portfolio “as the fund welcomes additional investors, partners and real estate opportunities.”
HPA became a subsidiary of Innovation Institute in 2014.
The institute’s purpose is to develop healthcare products and services. It includes the investment fund, a medical technology incubator and a shared services group.
The institute was established in 2013 with an investment from St. Joseph Health. Its other investor-owners are Children’s Hospital of Orange County in Orange; Mitchellville, Md.-based Bon Secours Health System; and the Franciscan Missionaries of Our Lady in Baton Rouge, La.
Each institution has contributed at least $10 million to become a member-owner.
REIT Buys in Mich.
Irvine-based Griffin-American Healthcare REIT IV Inc. signed a deal to buy a medical office building in the Detroit suburb of Rochester Hills, Mich. The company didn’t disclose a purchase price.
Rochester Hills Medical Office Building runs 30,000 square feet and is 93% leased to seven tenants. The largest tenant is Royal Oak, Mich.-based Beaumont Health System, which has 40% of the building and signed a 10-year lease.
Services provided at the building include medical imaging, dialysis, laboratory, radiology, physical therapy and minimally invasive surgery.
Rehab Centers Bought
Fort Lauderdale, Fla.-based Delphi Behavioral Health Group LLC has acquired two treatment centers in Orange as part of a seven-center purchase. Financial terms weren’t disclosed.
Elevate Recovery, a 40-bed facility for acute and extended-care patients, and Community Rehab, a 16-bed facility with services such as detox, outpatient care and sober living, are the local parts of Delphi’s purchase. It also acquired a facility in the Inland Empire city of Banning and four facilities in Florida.
Delphi specializes in what it calls “high-end” rehabilitation. Its centers feature swimming pools, among other things.
Campus Gets New Exec
Chapman University has appointed Charles Sohaskey as laboratory safety administrator of its Rinker Health Science campus in Irvine. He replaces Josh Turse, who has taken a position as biosafety specialist at Cornell University in Ithaca, N.Y.
The Rinker campus houses graduate-level programs of the university’s Crean College of Health and Behavioral Sciences, as well as Chapman’s pharmacy school.
Sohaskey most recently was with the U.S. Department of Veterans Affairs Long Beach healthcare system, serving as a health science specialist and principal investigator engaged in tuberculous research. He has a bachelor’s degree in microbiology from the University of North Texas and a doctorate in microbiology from the University of Texas.
Bits & Pieces
Richard Matros, chief executive of Irvine-based Sabra Health Care REIT Inc., will speak at the JMP Securities Boston Real Estate event this week. … Alliance Oncology, a division of Newport Beach-based Alliance HealthCare Services Inc., said it’s partnering with New Brunswick, N.J.-based Saint Peter’s University Hospital’s cyberknife radiology center. Alliance will serve as the partnership’s managing member. … Orange Coast Memorial Medical Center in Fountain Valley received a lung cancer screening center designation from the American College of Radiology. The designation recognizes facilities “that have committed to practice safe, effective diagnostic care for individuals at the highest risk for lung cancer,” according to the hospital. … Santa Ana-based Irvine Scientific introduced a new medium to be used in neurological research. The medium is intended to support cultivation of neuronal stem cells. … Dr. Andrew Abraham, chief executive of Irvine-based Orgain Inc., was among the winners of the EY Entrepreneur of the Year awards held recently at the Monarch Beach Resort in Dana Point. Orgain makes organic nutritional shake drinks.
