83.6 F
Laguna Hills
Monday, Aug 15, 2022
-Advertisement-

Newport Beach Medical Office Trades for $125M

Newport Lido Medical Center, a two-building healthcare complex across the street from Hoag Hospital Newport Beach Presbyterian, has traded hands in one of the larger medical property sales seen of late in Orange County.

Houston-based real estate investment firm Lionstone Investments recently closed on the 146,500-square-foot, two-building medical office complex at 351 and 361 Hospital Road.

The site is about a block from Newport Boulevard, next to the new Atria Senior Living facility.

The Newport Lido property includes one six-story tower and a five-story building, which were built in different phases.

The two-building medical office complex is reported to be 100% occupied, and includes a mix of smaller-sized healthcare tenants.

Notable anchors include Hoag Hospital Newport Beach Surgery Center and Prime Surgical Center.

$850 PSF

Lionstone paid $125 million for the property. It’s the priciest reported medical-related sale in OC since Hoag paid $226 million to buy its Irvine hospital campus last year.

The deal works out to a price of a little more than $850 per square foot for the property, which was built more than 30 years ago.

Typical high-end offices in Newport Beach often trade in the $400 to $500 per-square-foot range, though medical-focused buildings can run higher.

The seller of the complex was a Santa Rosa-based entity that appears to have ties to the family trust overseeing the fortune of “Peanuts” creator Charles M. Schultz, according to property records and other records analyzed by the Business Journal.

New Focus

It’s the first reported purchase in Orange County for Lionstone, which is venturing into a new product type for its investments, according to brokers that worked on the transaction.

The buyer is a “new entrant into the medical office sector,” said JLL Senior Managing Director Evan Kovac, whose team brokered the deal. Lionstone was formed in 2001, and has invested in over 17 million square feet of various property types, including mixed-use, multifamily, retail and office. 

Previous articleMidday Stock Roundup
Next articleMidday Stock Roundup
Audrey Kemp
Audrey Kemp
Audrey Kemp is a staff reporter and occasional photojournalist for the Orange County Business Journal. Her beats include — but are not limited to — healthcare, startups, and education. While pursuing her bachelors in literary journalism at UC Irvine, she interned for New York-based magazine Narratively Inc., wrote for Costa Mesa-based lifestyle magazine Locale, and covered the underground music scene for two SoCal-based music publications. She is an unwavering defendant of the emdash and the Oxford comma.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-