A Chinese medical device maker is building out its U.S. base in Irvine after buying a 115,388-square-foot office campus for $40.23 million in cash, according to Newmark.
MicroPort Scientific America Inc. bought the office and R&D buildings at 16800 and 16802 Aston St. from an unidentified seller. The company makes myriad devices relating to cardiology, radiology and orthopedics.
Newmark executive managing director Jack McNutt represented the MicroPort, and the seller was represented by Brian Garbutt of Lee & Associates.
Based in Shanghai, MicroPort will house its U.S. innovation center and manufacturing base in Irvine. The company will occupy all of 16802 Aston at the end of March 2022 when the current tenant, Spireon, exits the building and tenant improvements are made.
16800 Aston will be used to “accommodate future growth and additional business units or related subsidiaries,” Newmark said.
A medical office building on Calle Arroyo in San Juan Capistrano has sold for $3.4 million, according to Urban Property Group. (Courtesy of Urban Property Group)
Medical building in SJC sells for $3.4M
A medical office building on Calle Arroyo in San Juan Capistrano has sold for $3.4 million, according to Urban Property Group.
AMG McNeill, a local dermatology practice, bought the 6,953-square-foot building as an owner-occupant and was represented by Amy A. McNamara at Urban Property Group.
The seller, Gran Tee Investments, was represented by Gary McArdell with Lee & Associates.
LBX sold to San Jose retail investor
Newport Beach-based Burnham-Ward Properties has sold the 26-acre Long Beach Exchange to DJM, a San Jose-based real estate and development firm, and PGIM Real Estate.
Terms were not disclosed by the parties or Eastdil, which brokered the deal.
The open-air LBX, completed in 2018, has 246,500 square feet of retail space and is known for its 17,000-square-foot food hall called The Hangar. The center is anchored by Whole Foods. Other tenants include Nordstrom Rack, Handel’s, Orange Theory, Ra Yoga, Silverlake Ramen and Ulta.
DJM’s portfolio also includes Hollywood & Highland (soon to be renamed Ovation Hollywood) in Los Angeles, Lido Marina Villagein Newport Beach, and Bella Terra in Huntington Beach.
“Although COVID undoubtedly impacted retail across all sectors, we’re now experiencing a tremendous return to growth across our entire portfolio, with foot traffic and sales numbers surpassing even pre-pandemic figures,” said Chad Cress, Chief Creative Officer at DJM.
Cress credited the rebound to the outdoor nature of the company’s properties.
Alere buys warehouse complex in Riverside
Newport Beach-based Alere Property Group has bought the Freeway Business Center, an industrial warehouse facility in Riverside.
Terms of the deal were not disclosed.
The newly-built Class A complex is leased to the logistics provider UNIS through August 2028.
“The property is a trophy asset in a highly desirable Inland Empire location, in a submarket with significant barriers to entry and limited new development options,” said Michael Del Santo, senior vice president of portfolio management at Alere.
The complex includes a 709,000-square-foot building with 36-foot clear height, 8,400 square feet of office space and drive-around access. There are 109 dock high doors and a large concrete truck court.
The warehouse complex at 2677 E. Alessandro Blvd. is at the northwest corner of March Airforce Base.
Irvine-based IRA Capital, a private equity firm, has bought the 34,500-square-foot Aliso Viejo Medical Plaza for $17.5 million, according to Newmark. The building at 15 Mareblu is leased to 15 medical tenants, including HOAG Orthopedic Institute, which has signed a new, 15-year lease for the 11,500-square-foot ground floor. (Courtesy of Newmark)
Medical plaza update
The 34,500-square-foot Aliso Viejo Medical Plaza was recently sold to Irvine-based IRA Capital for $17.5 million, according to Newmark.
Previously, the Register reported the sale but didn’t have the price. Newmark’s John Scruggs and Daniel Nabavi represented the unidentified seller.
“Demand for medical office investments has escalated rapidly following the COVID-19 pandemic as investors look for opportunities to diversify their portfolio with stable asset types such as medical office and industrial properties,” Scruggs said in a statement.
IRA Capital in a press release said it would update the exterior and interior, with a completion date set for 2022.
The building at 15 Mareblu is leased to 15 medical tenants, including HOAG Orthopedic Institute. The institute plans to build a surgery center including five operating rooms, according to IRA.
Susan Lattmann and Mollie Fadule have joined Newport Beach-based Landsea Homes’ board of directors. Lattmann is the chief financial officer for The Row, a luxury apparel retailer. Fadule is the CFO and investment officer at JPI and also a founder and partner of Cephas Partners, a private equity firm. Both joined the board Dec. 31.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at firstname.lastname@example.org. Please allow at least a week for publication. All items are subject to editing for clarity and length.