One of the larger medical office projects on tap for Irvine has a new developer heading up the venture.
Pacific Medical Buildings LLC, a San Diego-based developer of medical office buildings and outpatient facilities, has taken over plans to build the Shady Creek Medical Center.
The 150,000-square-foot project is slated to be built at Alton Parkway and Sand Canyon Avenue, near Hoag Hospital Irvine and Kaiser Permanente Irvine Medical Center. It calls for three buildings of 50,000 square feet each.
A 7,200-square-foot retail building—likely to house restaurants—also will be built alongside the two-story offices.
Rosemead-based Edison International’s Southern California Edison owns the land for the site. Last year, Irvine-based developer Centra Realty Corp. headed up the project for Edison, with plans to break ground as early as this year.
Centra is off the project, according to brokers with the Newport Beach office of Grubb & Ellis Co. who now have the listing assignment for the project.
Space at the project was previously being offered at monthly rents of about $3.25 per square foot, according to brokerage data.
The new developer is hoping to have the project built by 2013. There’s been strong interest from prospective tenants, according to Grubb Senior Vice President Garth Hogan, who has the listing along with colleagues David Kluver and John Scruggs.
“A growing trend in the healthcare industry has been a rise in consolidations among medical groups, which has created a need for larger blocks of medical office space,” Hogan said.
There are only three existing properties with 10,000 square feet or more of available medical office space sized 10,000 square feet in Orange County, according to Washington, D.C.-based CoStar Group Inc.
Pacific Medical has built nearly 80 healthcare facilities throughout the western U.S. It currently manages more than 44 facilities totaling more than 3 million square feet.
It has worked on projects in Mission Viejo and Orange.
Anna’s Expands
A new distribution center in Fontana just leased by Costa Mesa-based bed-and-bath retailer Anna’s Linens Inc. has traded hands in a sale.
In June, my colleague Kari Hamanaka reported that the retailer was in the midst of inking a 410,000-square-foot lease for a distribution center in Fontana to help handle its local growth.
Anna’s expects to open about 30 stores this year, primarily in Southern and Northern California.
The Inland Empire facility, at 10721 Jasmine St., near the intersection of the San Bernardino (15) and Ontario (10) freeways, is the company’s first distribution hub in Southern California. It will serve 110 stores in the western U.S.
The long-term lease is one of the larger industrial leases seen in the Inland Empire of late.
The lease is one of two big transactions involving the facility lately, according to brokers who just sold the building to a locally based investor.
An investment group that operates under the 10721 Jasmine LLC name recently bought the building for about $25 million, or roughly $61 per square foot. The building includes about 20,000 square feet of office space.
State records show the Newport Beach-based investor having ties with the executive team of Anna’s Linens, a family-run business.
Jeff Cannon and Paul Jones, from the Irvine office of tenant brokerage Studley Inc., represented the buyer in the sales transaction.
The building was previously owned by Lakewood, Colo.-based BlackRidge Real Estate Group. The seller was represented in the transaction by Tom Taylor and Steve Bellitti of Colliers International.
Anna’s currently operates more than 275 stores across the country. Its other distribution centers are in Houston and Charlotte, N.C.
Irvine’s LBA Realty has tweaked its Colorado portfolio, selling an office while picking up an industrial park near Denver.
Wells Core Office Income REIT, a Norcross, Ga.-based investor, said last month it bought 183,000-square-foot office in Englewood, Co., from an LBA affiliate for $41.5 million, or about $226 per square foot.
The six-story building, part of the Denver Tech Center, is leased to Jackson National Life Insurance Co.
The sale comes a few weeks after LBA paid a reported $23.7 million for a 353,000-square-foot industrial facility in Denver that was the longtime home to Nobel/Sysco Food Services Co., which moved to another building in the city.
LBA paid about $67 per square foot for the property, which is known as the Denver Commerce Center. It’s about 95% leased, according to local reports.
LBA’s office portfolio in Colorado totals about 2.8 million square feet, while its industrial portfolio there runs about 1 million square feet, according to the company’s website.
