April 22, 2022 9:00 AM
Newmark announces that it has completed the $27.6 million sale of Woodbridge Square Medical, a two-story, multi-tenant medical office building in Irvine, California.
Newmark Private Capital Group’s Vice Chairman Sean Fulp, Managing Directors Mark Schuessler, Ryan Plummer and John Scruggs, in partnership with Co-Head of U.S. Capital Markets Kevin Shannon, and Executive Managing Directors Paul Jones and Ken White, represented the seller, Boureston Development. The buyer is Anchor Health Properties.
Located at 4980 Barranca Parkway, the 36,104-square-foot medical office building was 94% leased at the time of sale to 18 medical, dental and laboratory tenants with unique synergies that result in high tenant retention. Situated in the Barranca Medical Corridor, the asset is less than two miles from Hoag Hospital Irvine and Kaiser Permanente Irvine Medical Center.
“The Barranca Medical Corridor has performed exceptionally well over the past ten years, with medical office vacancy consistently hovering around five percent,” said Schuessler. “Our team was able to source an aggressive buyer that understood the submarket’s dynamics, and as a result, we delivered another record-breaking sale.”
Scruggs added, “The property is one of the newest buildings in the submarket and is well positioned to capture new entrants into the market. Demand for medical office in Irvine is expected to outpace supply, which will continue to put upward pressure on rents.”
Dba Newmark Knight Frank in California
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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