Healthcare Property Advisors (HPA) has acquired a Brea workplace campus that homes its headquarters for $80 million, marking the priciest workplace transaction reported for North Orange County in 2022.
The healthcare property-focused industrial actual property investor, property supervisor and marketing consultant purchased the four-building workplace campus at 915-975 W. Imperial Freeway and 950 Mariner St. from AdelFi, a Christian credit score union that’s additionally primarily based out of the Brea campus.
AdelFi—which modified its identify in February from Evangelical Christian Credit score Union—had owned the 288,058-square-foot complicated because it was developed in phases between 2002 and 2008. It offered the property for almost $278 per sq. foot.
The places of work, situated on the intersection of Imperial Freeway and Puente Road, a couple of mile west of the Orange (57) Freeway, had been about 89% occupied on the time of the sale.
HPA already acted because the property supervisor for the Brea campus; following the sale, the corporate is planning a minor repositioning to higher accommodate healthcare and medical corporations as present tenants both downsize or relocate.
“The underlying zoning of the property permits for medical tenancy,” JLL Senior Director Blake Bokosky informed the Enterprise Journal.
JLL’s Bokosky, Louis Tomaselli and John Chun represented AdelFi within the transaction. HPA was unrepresented within the deal, and JLL’s Chun, Sam Godfrey and Anthony Sardo represented HPA in securing acquisition financing.
“The workplace market has been tough to finance, so it took a little bit of creativity to shut the deal given the present debt markets,” Bokosky stated.
The zoning additionally permits for an industrial redevelopment, Bokosky stated; HPA isn’t
at the moment exploring that possibility, nevertheless it represents “a draw back safety,” based on Bokosky.
Content material retrieved from: https://www.ocbj.com/real-estate/healthcare-investor-pays-80m-for-brea-offices/.