Children’s Hospital of Orange County has bought an eight-story medical and office building next to its main campus in Orange.
CRC Real Estate Corporation, an affiliate of CHOC, paid just under $44 million for 1120 W. La Veta Ave., a 179,279-square-foot building next to the Garden Grove (22) Freeway in Orange.
The deal works out to a price of about $245 per square foot for the office, which is also known as the Centrum North Building.
The building was about 55% leased at the time of the sale, according to CoStar Group Inc. records.
Sonya Dopp-Grech, senior vice president and director of the healthcare services group at NAI Capital’s Irvine office, represented the buyer in the transaction. CBRE Group Inc. brokers represented the seller, an affiliate of Los Angeles-based Hankey Investment Co.
“This acquisition is strategic for both the long-term growth of the hospital and as an institutional quality investment,” Dopp-Grech said in a statement.
CHOC is already one of the building’s larger tenants. Other notable businesses in the building include the Spine and Sports Specialties Medical Group, a medical practice, according to brokerage data.
The purchase “supports our organizational strategies and the growth needs of CHOC’s pediatric system of care,” said Kerri Ruppert Schiller, CHOC senior vice president and CFO.
