Real estate investor Mark IV Capital of Newport Beach has bought 2.69 acres in Laguna Woods’ Town Centre for $1.5 million from Costa Mesa-based Polygon Development and plans to break ground on a 40,000-square-foot, three-story medical office building this summer.
The building is expected to be finished and open next March. It’s being built because more medical office space is needed in South County, according to Allen Basso, a broker with Lee & Associates’ Irvine office.
“Medical office space in South Orange County has a 3.1% vacancy rate. This should be well absorbed,” Basso said. Basso and colleague Brad Rawlins represented Mark IV Capital.
“The population is growing and space is at a premium,” Basso said. He noted that the project is near Saddleback Memorial Medical Center and the Leisure World retirement community.
Space in the building is expected to rent for $2.75 a square foot, Basso said. The building already is one-third leased, with South County Orthopedic Specialists occupying the entire first floor.
Ware & Malcolm Architects Inc. is the project architect; Wood, Burghard and Swain is doing space planning. Snyder Langston is the general contractor. All three firms are in Irvine.
Town Centre, in addition to the medical building, is set to have a 140-room Country Inn by Ayres Hotel Group of Costa Mesa, as well as a restaurant, two office buildings with 114,000 square feet of space and a retail center with two buildings totaling 12,700 square feet. n
