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Sunday, Aug 14, 2022

Hoag Buys Irvine Hospital for $226M

Hoag Memorial Hospital Presbyterian has purchased its Irvine hospital facility and adjacent land parcels for $226 million, according to regulatory filings.

It’s the largest reported real estate transaction in OC this year.

A deal for the property had been in the works for over a year. The sale’s completion was noted in a regulatory filing earlier this month, the Business Journal first reported in the June 14 print edition.

Hoag officials confirmed the transaction last week.

“In order to secure Hoag’s ability to serve the needs of the Irvine and Orange County communities today and into the future, Hoag acquired the hospital and adjacent land parcel from Healthpeak, a national healthcare real estate investment trust,” Sanford Smith, senior vice president of real estate and facilities at Hoag, said in a statement provided to the Business Journal.  

Expansion Plans

The deal comes as Hoag plans a major expansion in Irvine, while bringing an end to Healthpeak Properties Inc.’s real estate holdings in the area; the firm (NYSE: PEAK) relocated its headquarters from Irvine to Denver late last year, though it maintains a local office.  

“The acquisition will allow Hoag to expand and modernize the facility, create a truly unique patient experience and address an unmet need for expanded medical services in Irvine and the surrounding area,” Smith said.

In November, Hoag filed early-stage plans with the city for an extension of its Hoag Hospital Irvine campus, which opened in 2010.

City filings indicate that land has the potential to hold more than a dozen new facilities on the campus, located at the intersection of Sand Canyon Ave. and Alton Parkway, just off the San Diego (405) Freeway.

Additions under consideration include a Women’s Hospital as well as a Digestive Health Hospital, among other medical buildings, support facilities and parking structures, filings show.

The filings indicate the two-phased expansion could add approximately 432,000 square feet to the Hoag campus, and would increase its beds from 154 to 391.  

A timeframe for the project moving ahead hasn’t been disclosed.

Hoag already owns its Newport Beach hospital campus. 

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