A joint venture between an investment firm and healthcare real estate company announced it bought a 78,000-square-foot office building in Newport Beach. Financial terms of the deal were not disclosed.
Archer Property Partners and Newport Beach-based Real Estate Development Associates (REDA) revealed they plan to convert the three-floor low-rise structure at 3300 Irvine Ave. in Newport Beach into a medical outpatient building, or MOB.
“Newport Beach is one of the most sought-after locations for medical office space in Southern California,” R.J. Sommerdyke, a principal at Archer, said in a statement. “Medical office vacancy in the city is exceptionally low — less than 5% — with a severe lack of large blocks of contiguous space. Currently, there is only one space larger than 10,000 square feet available citywide. Many existing MOBs are aging and no longer meet the needs of today’s providers, making redevelopment projects like this essential.”
The building, called Newport Irvine Medical Center, was built by The Koll Co. in 1980 and currently features tenants such as Newport Back & Sports Institute and Lindora Clinic. Archer and REDA plan to add a new three-level atrium and install technological advances throughout the building.
Groundbreaking is set for June of this year, with construction planned though the spring of 2026.
Archer specializes in owning, operating and developing medical real estate projects. REDA buys and develops industrial and office properties across Southern California.
