Accretive Realty Advisors, Inc. (Accretive Realty) has received final approval to begin construction on San Juan Medical Center, a new two-story, 42,551-square-foot medical office building (MOB) located at the northwest corner of Rancho Viejo Road and Golf Club Drive in San Juan Capistrano. With a commitment from a regional health system in place, construction is scheduled to commence late December 2013 with completion at the end of 2014, according to Newmark Grubb Knight Frank (NGKF) Global Healthcare Services, the exclusive leasing agent for the property.
“San Juan Medical Center will be the first exclusively medical, Class A office building constructed in San Juan Capistrano in the past 25 years,” said Garth Hogan, executive managing director, NGKF Global Healthcare Services. “Fifty percent of the space has been pre-leased, illustrating the demand for efficient, modern healthcare properties.”
Accretive Realty Principal Thomas LeBeau said, “The need for quality healthcare continues to grow and is driving the healthcare industry to seek real estate locations and buildings that are designed to most effectively provide service to local patient populations. San Juan Medical Center offers precisely what the post Affordable Care Act marketplace is demanding: a highly-efficient, visible medical office building that supports an underserved patient population.”
Accretive Realty acquired the 4.79-acre parcel of land from the City of San Juan Capistrano earlier this year. Mr. Hogan and NGKF Associate Director John Scruggs secured and represented the regional health system in the approximately 25,000-square-foot lease for the entire second floor. The team is currently marketing the remaining 17,308-square-foot first floor, targeting large users seeking contiguous space, regional medical groups and healthcare related providers, among others.
Located in the heart of the San Juan Capistrano community, the state-of-the-art medical center offers immediate access to the 5 Freeway at Ortega Highway, free surface parking and a covered patient drop-off area.
About Accretive Realty Advisors, Inc.
Accretive Realty Advisors, Inc. is a commercial real estate management and development company located in Irvine, California. Accretive was formed in 2003 to acquire, develop and manage medical assets throughout California. Accretive maintains a multi-disciplinary team of professionals that combine over 60 years of realty expertise in the management, development, accounting and marketing of commercial real property and medical assets. Accretive’s key executives and staff have extensive experience in the entitlement, development planning, and construction including extensive experience in office building and tenant improvement construction of complex medical related uses.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.