Accretive Realty Advisors Inc., an Irvine-based real estate investor that specializes in medical properties, has bought an Aliso Viejo office, its second local purchase in about a month.
The company said it bought the 20,000-square-foot Pacific Park Medical-Dental building, a three story property next to the San Joaquin Hills (73) toll road.
The building, located at 24541 Pacific Park Drive, sold in an off-market basis for an undisclosed price. CoStar records show the building being sold by an entity listed as Pacific Park Medical Trust.
The building had not been offered for sale since 1990, when it was first constructed, according to the buyer, who said it had had been pursuing the property for some time.
Accretive Realty also owns 24502 Pacific Park Drive, a similarly sized medical office building across the street that is occupied by Kaiser Permanente. It paid $7 million for the 24502 Pacific Park building in 2010, according to brokerage data.
“The area’s strong demographics, household incomes and close proximity to the Mission and Saddleback hospitals provides for an excellent patient base and payer mix for our valued medical tenants, Accretive Chief Executive Thomas LeBeau said in a statement,.
The Aliso Viejo purchase follows Accretive Realty’s buying Oceanview Medical Center, a medical office building near Saddleback Memorial Medical Center’s campus in San Clemente.
The five-story San Clemente building has 30,915 square feet of space and had been listed for sale at $12 million.
Garth Hogan and John Scruggs, medical office brokers with the Newport Beach office of Newmark Grubb Knight Frank, will be handling the leasing for both of Accretive’s new properties in Aliso Viejo and San Clemente.
Jeff Tomei of Newport Beach-based Knightsbridge Realty Capital, a mortgage-banking firm, handled the financing for both recent purchases.
Apartments Eyed
Irvine-based Brandywine Homes, one of the area’s most active builders of homes in infill locations, is planning to ramp up a new business line for multi-family development.
Brandywine plans to break ground in January on a 25-unit apartment project in Garden Grove, on a site about five blocks north of the Garden Grove (22) freeway. It’s the first of four apartment complexes the company plans to build in the coming year.
“The demand for rental properties is huge right now; the timing is right for Brandywine to be a part of that market,” said Dave Barisic, vice president of sales and marketing for the builder, which ranked as Orange County’s 23rd largest homebuilder last year by sales, according to Business Journal data.
Brandywine’s core market remains single-family homes, and the company expects to double its production of for-sale residences over the next two years, according to company president Brett Whitehead.
Having alternative income sources is always a good strategy, Whitehead said.
“One thing we learned over the downturn was that diversifying can never hurt,” he said. “And it would have been a lot more comfortable over the past five years if we would have had some sort of income-producing property in our portfolio.”
The first apartment project going up in on a less than 1-acre site in Garden Grove near Dale Street and Stanford Avenue. The development will consist of two and three-bedroom units running as large as 1,360 square feet, and should be open by late 2013.
The company said expects to lease the apartment primarily to couples and young families who are already renting in the area but are looking for a newer place.
Whitehead said that Brandywine started looking for infill locations for multifamily projects four years ago. “We hadn’t found the right opportunity until about a year ago, and that’s when we started entitling the current apartment complex,” he said.
Alton Listing
San Diego-based Westcore Properties Inc. is eyeing a possible sale of an Irvine office it has owned for about a year.
The company recently retained brokers in the Irvine office of Jones Lang LaSalle to help sell or lease a two-story, 40,852-square-foot office building located 1621 Alton Parkway, near the Tustin Legacy development.
Westcore paid a reported for $15.1 million for the building and a 166,000-square-foot property next door to it in early 2012. Apparel maker Fox Head Inc. had been leasing the 1621 Alton building but is moving to a new facility nearby in January.
The soon-to-be vacant building counts an asking price of $6.9 million, according to Costar records. Jones Lang LaSalle’s Geoff DeWolf, Steve Economos and Greg Puccinelli have the listing for the property.
