Medical Capital Corp., a healthcare finance company, has spent $15.5 million on a Tustin office building that’s set to house its executive offices.
The company plans to move from its current home on State College Boulevard in Anaheim later this fall.
Medical Capital’s new building is on Red Hill Avenue at Edinger Avenue. The 48,000-square-foot building, built in 1990, was empty when Medical Capital bought it.
Executives from Medical Capital weren’t available for comment.
Wes Hunnicutt, a vice president at tenant brokerage Cresa Partners LLC in Newport Beach, represented Medical Capital, which paid $318 per square foot for the building.
Rick Warner and Justin Hill of CB Richard Ellis Group Inc.’s Anaheim office represented the seller, Industry Hill Holdings LLC.
Medical Capital is “doing some modifications, some space planning, as we speak,” Hunnicutt said.
The company could be in the building by October, he said.
Medical Capital first sought to lease space before buying the Tustin building, which never was listed for sale, according to Hunnicutt.
Privately held Medical Capital buys accounts receivable from healthcare operators. The company also provides interim financing and other forms of lending.
The company’s main job is to facilitate growth for clients, Medical Capital said in a 2006 article in ABF Journal, a trade publication.
Companies such as Medical Capital “are the funding source called upon when clients have to get out of a situation they don’t want to be in,” Adam Field, the company’s senior vice president of business development, said inthe article.
Medical Capital’s clients include Integrated Healthcare Holdings Inc. of Santa Ana.
Integrated owns four local hospitals: Western Medical Center-Santa Ana, Western Medical Center-Anaheim, Coastal Communities Hospital, which also is in Santa Ana, and Orange’s Chapman Medical Center.
Medical Capital provided Integrated with an initial $50 million loan to help buy the hospitals from Tenet Healthcare Corp. in 2005.
The company has provided other financing to Integrated, including a $140.7 million refinancing last October.
Medical Capital also has financed other types of businesses. They include a $2 million deal in March for Viva Vision Inc., a Los Angeles provider of video and other content for cell phones, and a $1.2 million loan for Concept 1 Academies LLC, a Virginia company that trains teens who are seeking emancipated minorstatus.
Medical Capital started in 1994 and moved to its current Anaheim office in 1998. It also has offices in New York, Los Angeles, Chicago, Dallas, Atlanta, Las Vegas and Scottsdale.
The company’s chief executive, Sidney Field, started Field Group Services, one of the largest insurance brokerages with annual sales of more than $200 million. Field, an alumnus of California State University, Long Beach, sold his stake in Field Group Services in 1990.
