A new medical practice specializing in spine and sports medicine has signed a big lease in an Orange office next to St. Joseph Hospital and Children’s Hospital of Orange County.
The Spine and Sports Specialties Medical Group, also known as SASS, recently completed a 24,000-square-foot lease at Centrum North, an eight-story office at 1120 W. La Veta Ave. next to the Garden Grove (22) Freeway in Orange.
The lease is one of the largest medical office leases in Orange County this year and takes medical occupancy at the 180,000-square-foot property to near capacity, according to brokers with HealthWest Realty Advisors who worked on the deal.
SASS is a newly formed private group practice of subspecialty trained physicians and surgeons that will be focused on musculoskeletal care. Its new space will include a musculoskeletal urgent care center, physician exam rooms, advanced imaging, and an ambulatory surgery center.
The practice is headed by Dr. Greg Carlson, a long-established Orange County orthopedic spine surgeon who’s also a clinical assistant professor of orthopedics at the University of California-Irvine.
Terms of the lease were not disclosed. The building, which is owned by Los Angeles-based Hankey Investment Co. offers a mix of medical office and traditional office space. Medical office space at the building is listed on CoStar Group Inc. as being available at monthly rents up to $3.40 per square foot.
SASS was represented by Larry R. Ford Investments in the lease, and the landlord was represented by Bryan McKenney of HealthWest Realty Advisors.
Costa Mesa Apartments
An older office building next to the Costa Mesa (55) Freeway that’s slated for redevelopment into an apartment complex has sold.
Irvine-based Red Oak Investments, in a partnership with Los Angeles-based CityView, last month closed on the purchase of a 60,425-square-foot office at 125 E. Baker St. in Costa Mesa.
CoStar Group records show the building, which sits on about 4.2 acres just east of the 55, traded hands for $8.4 million. Nader Properties Inc. of Newport Beach was the seller.
The property’s new owners plan to tear down the nearly 40-year-old office next year in order to build a 240-unit apartment complex called Baker Street Apartments.
The project’s construction should last about two years and has an estimated $75 million price tag, the developers told city officials earlier this year when getting entitlements for the site. It took the developers about two years to get the site entitled.
Thomas Moran, of apartment brokerage Moran & Co.’s Irvine office, worked with Red Oak to find a capital partner and close on property, which is about a half mile from the Lab and Camp shopping centers.
San Diego-based brokerage Parkstone Cos. also reported working on behalf of the seller in the transaction.
Golf Swaps
A golf course in Fountain Valley has traded hands, and another course in Huntington Beach is expected to soon sell as part of a 48-property golf course portfolio sale valued at about $320 million.
The David L. Baker Golf Course, an 18-hole executive course at the intersection of Edinger Avenue and Brookhurst Street, was recently purchased by an affiliate of New York-based Fortress Investment Group LLC.
Fortress, a global investment manager, completed the sale of the Fountain Valley course and 45 others in a deal first announced in June. The transaction includes all of the golf properties in the portfolio of Orlando-based CNL Lifestyle Properties.
Two golf properties in the 48-property deal have yet to close, including Meadowlark Golf Club on Graham Street in Huntington Beach. The 18-hole property is expected to sell by the end of the year, according to CNL.
