A 36,104-square-foot medical office building at 4980 Barranca Parkway in Irvine is off the market after Fardad Fateri bought the property for about $24.3 million, according to CoStar.
Fateri, ousted last year as chief executive of Irvine-based International Education Corp., bought the medical office building through his company, Newport Coast-based Island Vista Holdings LLC.
Charlottesville, Virginia-based Anchor Health Properties was the seller. The deal closed on July 22, according to public documents.
Anchor Health Properties paid The Boureston Cos. $27.6 million for the office, known as Woodbridge Square Medical, in 2022. Last month’s sale, accordingly, resulted in a $3.3 million loss for Anchor Health Properties.
Several health services companies leased space at 4980 Barranca Parkway at the time of the sale, including Harder Dental Corp., Fertility Center of Southern California, Pediatric Orthopaedic Specialists of Orange County, Irvine Kid’s Dentist, mdPersonal Concierge Family Medicine and Pacific Coast Orthopaedic Institute.
Woodbridge Square Medical was built in 2005 and sold for $672 per square foot. Sean Fulp, Mark Schuessler and Jordan Garcia with Colliers’ Los Angeles office were the property’s listing brokers.
The per square foot price is high, compared to recent office building sales. Success Anaheim LLC, the parent company of Success Education Colleges, recently paid $254 per square foot for a three-level medical office building in Anaheim.
Newport Beach-based Surlamer Investments bought City Plaza, a 19-floor office building in Orange, for $52 per square foot in June.
Anaheim Ducks owner Henry Samueli acquired Stadium Tower, a 12-floor office building near Angel Stadium, for $275 per square foot.
Joe C. Wen, another high-profile Orange County executive and philanthropist, paid $106 per square foot for the 310,000-square-foot office building at 5000 Birch St. in Newport Beach.
One of the more expensive deals of 2025 was Glaukos Corp. spending $415 per square foot for a two-floor, 40,000-square-foot office building next to its Aliso Viejo headquarters.
Fardad Fateri and Island Vista Holdings
Fateri is no stranger to Orange County. He was the CEO of International Education Corp., the parent company of for-profit colleges UEI and Advanced Career Training, until he was dismissed last year following a probe of IEC’s federal student aid practices.
International Education Corp. was accused of violating federal student aid regulations to drive up enrollment numbers. As part of a settlement agreement with the U.S. Department of Education, Fateri and IEC’s chief financial officer were forced to step down.
Fateri attended University of California, Irvine, California State University, Fullerton and Harvard University.
His LinkedIn profile shows he also served as the chief academic officer at Santa Ana-based Corinthian Colleges Inc. from 2004 to 2007 and president of DeVry University from 1994 to 2004.
The profile describes Fateri as “an investor, creator, speaker, author, philanthropist, people builder and an organizational turnaround expert.”
CoStar lists Fateri’s Island Vista Holdings LLC as the recorded owner of Island Vista Resort, a hotel condo property in Myrtle Beach, South Carolina.
