8:00 AM
Newmark Grubb Knight Frank (NGKF) Global Healthcare Services has successfully pre-leased San Juan Medical Center, a two-story, 40,551-square-foot medical office building on behalf of its ownership, Accretive Realty Advisors, Inc. Located at 31001 Rancho Viejo Road in San Juan Capistrano, California, the state-of-the-art development recently completed construction. Four tenants will occupy the property in its entirety. MemorialCare Medical Group has already taken occupancy, while the remaining tenants have begun construction. The property is expected to be fully occupied at the end of the first quarter of 2016.
Executive Managing Director Garth Hogan and Associate Director John Scruggs of NGKF’s Global Healthcare Services represented Accretive Realty Advisors as the exclusive leasing agent for the asset. The largest tenant, MemorialCare Medical Group, will occupy the entire second floor totaling approximately 25,000 square feet. Fresenius Renal Care will occupy the majority of the first floor, along with two other medical tenants.
“San Juan Medical Center is the first Class A medical office building constructed in San Juan Capistrano over the past 25 years,” said Hogan. “We garnered a strong amount of interest from medical tenants throughout the region during the construction process, and feel we have put together an ideal tenant mix with favorable long-term leases.
As with any development project, the objective is to secure tenants prior to completion, and we are pleased we were able to accomplish that goal on behalf of our client.”
San Juan Medical Center was designed to meet the requirements of the Affordable Care Act and includes segregated employee parking, easy ingress and egress, covered patient drop off and ample free surface parking. The property is located at the northwest corner of Rancho Viejo Road and Golf Club Drive, directly off Ortega Highway. It is adjacent to and highly visible from the 5 Freeway in the heart of the San Juan Capistrano community. Additionally, it is across the street from Marbella Country Club and next door to Marbella Plaza, which offers many service and dining options for patients and staff.
“The demand for efficient and quality healthcare real estate continues to grow, and is driving the healthcare industry to seek real estate locations and buildings that are designed to meet changing patient needs, as a result of the Affordable Care Act. The marketplace is demanding highly-efficient, visible and quality medical office buildings. There is a deficiency, especially in South Orange County, of new state-of-the-art medial office space to support the client and technical demands of today’s environment,” added Thomas LeBeau, principal, Accretive Realty.
The contractor on the project was Snyder Langston and the architect was Ware Malcomb.
For more information on NGKF Global Healthcare Services, visit www.ngkfglobalhealthcare.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.
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.