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COMMERCIAL REAL ESTATE NEWS
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Aliso Viejo medical office building sells for $7 million

The Irvine office of Colliers International directed the sale.

By Caitlin AdamsPublished: August 20, 2010 01:29 PM

Irvine-based Accretive Realty Advisors has purchased a 27,000-square-foot medical office building in Aliso Viejo for $7 million, according to Colliers International's Irvine office, which directed the deal.

The three-story property’s primary lease is held by Kaiser Permanente, which occupies two of the floors. Another is mainly occupied by a number of local physician groups.

Investment firms that focus on medical properties have been more diligent in expanding their portfolios over the last 12 months, said John Wadsworth, vice president and director of health care services in Colliers' local office.

“Despite the tough market for investment sales in general office product, there is still strong demand for medical office buildings from the investment community,” he said. “We have found that investment groups with an extensive medical background have been successful in identifying and structuring value-added medical plays, despite the difficult economic backdrop.”

The building, which is located at 24502 Pacific Park, was previously owned by Newport Beach-based real estate investment firm Saunders Property Co. It will be added to Accretive's specialized portfolio of medical office properties.

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