The newly built 30,000-square-foot medical office at 330 Old Newport Blvd. sold for about $1,370 per square foot in another sign of strength for healthcare offices in the wake of the pandemic.
The price is a new price-per-square-foot record for a medical office in Orange County, according to the local office of Newmark, which brokered the deal on behalf of Advanced Medical, a physician-owned development firm.
“The sale sets a new high watermark for Newport Beach medical assets and will stand out for a long time,” said Newmark’s Executive Managing Director Sean Fulp, who brokered the deal along with Garth Hogan, John Scruggs, Mark Schuessler, and Ryan Plummer.
Private Buyer
Property records indicate private California investor Forward Time Corp. is the buyer of Newport Harbor Medical Plaza, which completed construction at the start of last year.
The 1031 exchange buyer, which counts ties to a real estate investment firm in Taiwan, was represented by Anton Qiu of San Francisco-based Anchor Pacific Capital.
The two-story building is on the other side of Newport Boulevard from the nearly 500-bed Hoag hospital.
Keck Medicine
The building secured a full-building tenant just a few months after wrapping
The deal, also brokered by Newmark, more than tripled the Orange County footprint for Keck Medicine, which largely established its local presence in 2014 with its acquisition of Orange Coast Oncology Hematology Medical Associates.
The practice, now known as USC Oncology/Hematology, has locations in Newport Beach and Irvine and at the USC Oncology/Hematology Infusion Center in Newport Beach, close to the new location in the city.
“This was the culmination of a long journey that we have been on with the owner,” Scruggs said. “We were thrilled to land a tenant as strong as USC and then be able to execute on the sale at record pricing.”
Newmark notes that USC will operate the facility as a cancer treatment center, and intends to collaborate with Hoag Hospital on treatment and clinical trials.
Keck Medicine is expected to occupy the campus by the end of the year.
The organization has been involved in efforts regarding the pandemic, most notably announcing the launch of a clinical trial to evaluate the use of baricitinib against the virus about a year ago.
